Taiwan's National Housing and Urban Regeneration Center is moving thousands of subsidized rental contracts to new managers after a major property management group hit a debt crisis — reassuring for landlords and tenants, but a sign of stress in the rental-management business.

• Zhaoji Investment and Hermit Crab Management Consulting, tied to rental-management leader Zhaoji Property Management, failed to pay out on corporate bonds.
• The housing center started shifting affected social housing rental contracts to other operators, with rental service associations in the six major cities contacting more than 5,000 landlords.
• Over 2,500 landlords have registered their preferences so far and are being handed to new managers.
• Landlords who name a preferred operator get that firm; the rest are assigned in rotation based on which companies have capacity.
• Zhaoji Property Management's own cases are not part of the transfer for now, since the company says services continue normally and its money problems will be resolved.

Outlook: The housing center is pushing remaining landlords to register quickly, and whether Zhaoji's cases stay out of the transfer depends on it actually fixing its finances.