Now that it is official - China's first major developer to default on its US currency debt - and property prices are falling at a record rate, we suspect the likes of Wanda and Agile will also start to collapse once again (after being bid up incredibly amid China's latest exuberant bubble).

As one analyst noted, now that Kaisa has officially defaulted, "You never know where the skeletons in the closet are or what company will be next."

*KAISA DEFAULTS AFTER CHINA DEVELOPER SAYS CAN'T PAY DOLLAR DEBT

*KAISA TO CONTINUE TRYING TO REACH CONSENSUAL RESTRUCTURING

*KAISA SAYS DIDN'T PAY INTEREST DUE MARCH 19 ON 2018 NOTES

*KAISA SAYS FOCUSING ON RELEASING 2014 AUDITED RESULTS