A fall in the price of bonds issued by China’s largest property developer last week is adding to strains in the market even as Chinese companies continue to pile up a mountain of dollar-denominated debt this year.

China Evergrande last week sold bonds worth $6.6 billion in total, the largest issuance by an Asian high-yield company ever, according to Dealogic. The company issued $3.8 billion of new debt and exchanged $2.8 billion of old bonds into new debt, paying coupons of up to 8.75%.

Still,...