Chinese developers’ stocks came under renewed pressure Thursday, with shares in Kaisa Group Holdings Ltd. , one of the industry’s biggest borrowers in international bond markets, sliding to record lows.
Kaisa said a wealth-management product that it guaranteed had missed a payment, and it was working on a payment plan for that investment vehicle. In a statement, Kaisa said it was facing “unprecedented pressure on its liquidity” amid credit-rating downgrades and a “harsh environment in the property market.”