Shimao is one of the nation's biggest developers. Representatives from Fusheng didn't immediately respond to messages seeking comment. Cash flows of less competent players have been sliding for years and the virus is only making matters worse, according to Wu Rui, an executive director of non-performing assets at private equity firm CDH Investments Fund Management Co. Asset-management companies are teaming up with top developers and eyeing such businesses, he said. In Hubei alone, the epicentre of the virus, there are around 4,300 developers.