China Evergrande unit's bonds go on restricted trading after another rating cut

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Trading restrictions were placed on nine onshore bonds sold by the flagship property unit of the troubled China Evergrande Group, after a local credit rating agency slashed the debts’ creditworthiness, deepening the debt woes for the world’s most indebted property developer.

Three yuan-denominated bonds valued at 28.2 billion yuan ($4.4 billion) issued by Evergrande’s Hengda Real Estate Group unit were restricted to negotiated transactions on the Shanghai Stock Exchange, according to a statement.

Six bonds listed on the Shenzhen Stock Exchange, valued at 25.3 billion yuan, were relegated to . . .

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