Two Chinese developers sunk deeper into financial distress, with Kaisa Group Holdings Ltd. failing to pull off a bond swap that would have bought it more time to repay creditors, and lenders calling in loans from China Aoyuan Group Ltd. after credit downgrades.

Hong Kong-listed shares in both companies, which have already dropped steeply this year, fell further on Friday, with Kaisa’s stock losing nearly 9% and Aoyuan falling 12%.

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