SHANGHAI, (Reuters) – Recent steep increases in China’s property stocks has prompted developers such as Tahoe Group or Sichuan Languang Development Co to raise concerns about investment risk, citing weak fundamentals.

China’s CSI300 Real Estate Index climbed to a 2-month high Tuesday. The index has rebounded nearly 20% from the November low.

Investors were warned Wednesday by Tahoe Group, the struggling developer, who saw their shares surge 21% this week.

Tahoe stated in an exchange filing that the company was currently restructuring its debt after it defaulted on borrowings of 49.6 billion Yuan at November’s end.

Sichuan Languang, which defaulted over debts of 25.9 trillion yuan said that the company had done little in restructuring its debts.

Languang stated that “currently, the company’s share price has sharply diverted from its fundamentals” and warned that its business conditions will continue to worsen. This was after an increase of 67% in its share value this month.

Beijing Dalong Weiye Real Estate Development Co also witnessed its share price rise over 60% this month. On Wednesday, the company released a statement stating that their stock valuation was three times higher than the average industry.

Dalong stated, “We hope investors pay attention market risks and make rational decisions. And invest prudently.”