Shares of Developer Aoyuan Tumble After Creditors Demand $650 Million

What’s new: Hong Kong-listed shares of China Aoyuan Group Ltd. closed down 11% on Friday, a day after the real estate developer said that its creditors had demanded repayment of $651.2 million.

In a stock filing Thursday, Aoyuan attributed the demand to a series of ratings downgrades, warning shareholders that it may be unable to repay its debts due to liquidity issues.