Last year, a leaked memo offered investors an early hint of Evergrande’s debt crisis. The leak showed that the struggling Chinese property developer was asking for government support. Sunac, China’s fourth-largest developer, is dealing with reports of a leaked memo of its own. Investors who ignored Evergrande’s letter should pay closer attention this time.

Sunac has denied that it officially sought government help, as the letter appears to show. It says the memo was just a draft that was accidentally sent to a chat group outside the company. Business is normal.

The letter’s wording is still worrying. Operations in the city of Shaoxing, where Sunac has poured an estimated $1.8bn of cash into a large building project, have struggled. Sunac faces cash flow difficulties as the situation deteriorates.