TAIPEI (Taiwan News) — Chinese property firm Kaisa (佳兆业) said Monday (Nov. 8) it needs help to pay loans, workers, and suppliers, prompting a fresh wave of panic among investors amid a new warning from the U.S. Federal Reserve (Fed).

Bonds from various companies tanked on the news, with two of the country’s property giants — Country Garden (碧桂园) and China Vanke (万科) — experiencing their biggest bond price drop ever, according to a Reuters report.

The vulnerability of China Vanke to the news was particularly worrying to investors since it is viewed as a sturdy pillar of the property sector, as it is partially state-owned.

"We sincerely ask investors to give Kaisa Group more time and patience," Kaisa wrote on its official WeChat account later that day in an attempt to calm market jitters.

Meanwhile, the Fed put out a statement warning the volatility emanating from China’s property industry could reverberate across the global economy. "Financial stresses in China could strain global financial markets through a deterioration of risk sentiment, (and) pose risks to global economic growth," the Fed said in a biannual report on financial stability.

The Evergrande crisis shook up China’s highly leveraged property sector in September and October. Though authorities managed to calm market volatility and contain the fall-out from Evergrande’s default, experts now suggest a systemic sector-wide crisis is emerging.

"The problem is, it is getting systemic," said Viktor Szabo, a portfolio manager at investment firm abrdn told Reuters, adding that many developers in China can no longer get financing. "The big issue is that we don't know what (Beijing's) ultimate plan is... and how long can you hold on to the view that China can handle it?" he asked.