HONG KONG—Chinese developers took a drubbing on Thursday, with shares and bonds falling, creditors seizing assets, and rating agencies distributing more downgrades, ahead of a final debt payment deadline for China Evergrande Group on Friday.
Shares of Kaisa Group were hardest-hit, losing nearly a fifth of their value on Thursday after rating agency downgrades that highlighted the company’s limited access to funding and significant U.S. dollar debt obligations.
