Fears of a systemic credit event are growing among fund managers as alarms sound in property markets around the world.

About one in six of those polled considers such a crunch to be the biggest tail risk facing markets, compared to about one in 11 in December, according to Bank of America Corp.’s latest Global Fund Manager survey. The deepening disquiet in US commercial real estate and Chinese property markets means it’s now the third-biggest worry for respondents, lagging higher inflation and geopolitics.