House hunting is of course the last thing on people’s minds during an epidemic. Business is understandably slow for property developers around China. Last year, local regulators unsuccessfully rolled out restrictions in an attempt to control surging home prices. Now, the coronavirus outbreak may well manage to do what the government could not. The coming weeks will bring the biggest test yet for China’s most indebted property developers, such as Evergrande and Guangzhou R&F.

Not only have showrooms closed in many cities but home sales have been banned in some. Others have had to restrict construction. More than 15 cities are in lockdown. Evergrande, China’s largest real-estate developer, has shut for business until February 20.

Even a few weeks of weak sales can have a disproportionate impact on property developers that sell units before they are built. Deposits and advance payments matter to their cash flow. Remaining construction costs are funded with debt. One source, offshore bond issuance, has more than doubled in January compared with last year.