As investors continue to focus on the ongoing debt crisis of one of China's largest property developers, two other property developers are now showing signs of financial strain.

Fantasia Holdings announced in a filing with the Hong Kong Stock Exchange Tuesday that it had missed a bond payment that matured Monday. Meanwhile, another property developer, Sinic Holdings, is expected to default on its $246 million offshore dollar-denominated bond that is due on Oct. 18.

Fitch Ratings announced that it had downgraded Fantasia's ratings from "B" to "CCC-," indicating a higher risk that the business may not be able to meet its financial commitments. Fitch Ratings said the company's cash flow situation may be "tighter than previously expected."

Fantasia halted trading of its shares on Sept. 9 until further notice, after it share prices dropped by nearly 60% since the start of the year. Fitch Ratings said Fantasia could have other liabilities, including the existence of a private bond that it failed to disclose in its financial reports. The company reportedly made a late payment of $100 million on the bond.

"The late payment also raises doubts about the company's ability to repay its maturities on a timely basis. Furthermore, this incident casts doubt on the transparency of the company's financial disclosures," Fitch Ratings said.

Meanwhile, Fitch Ratings downgraded Sinic Holdings ratings from "CCC+" to "CC," citing possible default risks. The credit rating company said while Sinic has not yet defaulted on a bond; it is expected to do so with "virtual certainty."

Fitch Ratings noted that the developer's local subsidiaries have already failed to make interest payments on bonds, including a $38.7 million interest payment on two onshore yuan-denominated bonds that were due on Sept. 18.

While the financial troubles of both Sinic and Fantasia may be significant, they pale in comparison to the troubles faced by China Evergrande.

Evergrande is currently the world's most indebted property developer, with estimated liabilities of around $300 billion. In comparison, Fantasia's liabilities are estimated to be only around $12.8 billion, while Sinic liabilities are estimated to be around $14.2 billion.

Evergrande's debt crisis has had a much wider impact on China's overall economy. The real estate sector in the country accounts for about 15% of its gross domestic product and many high-yield bond funds are tied to real estate developers.