China builders hit by downgrades as Evergrande deadline looms

Evergrande faces a final deadline on Friday for a $47.5 million coupon payment that was due September 29

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 US dollar debt obligations.

Kaisa's shares fell by as much as 19.9 per cent to an all-time low of HK$1.17 on Thursday, while its 11.25 per cent April 2022 bond dropped more than 8 points to trade at less