HONG KONG, (Reuters) – Shares in Chinese developer Kaisa Group fell nearly a fifth on Thursday. The bonds of the group also dropped after downgrades by rating agencies that highlighted Kaisa Group’s lack of funding access and large U.S. debt obligations.

Kaisa shares plunged as high as 19.9%, to a record low of HK$1.17 Thursday afternoon. Meanwhile, its April 2022 11.25% bond fell more than 8 points, to trade for less than 35%, according to Duration Finance.

Ratings agencies S&P Global (NYSE:) and Fitch both downgraded Kaisa on Wednesday to “CCC+” over concerns about its debt load.

S&P said Kaisa’s capital structure is unsustainable given the company’s sizable near-term debt maturities, weakening liquidity, and inadequate free cash flow through 2022.

Fitch pointed out that Kaisa would not have all of the money on its balance sheet to pay off its debt due to “high minority interests” and commitments.

Kaisa was present at a meeting Tuesday along with seven developers from China, China’s government planner, and China’s foreign exchange regulator. Participants sought to limit the negative effects of a debt crisis at China Evergrande Group. The group is saddled with liabilities totaling $300 billion.

Developers suggested that offshore bonds maturities be extended and debt restructuring undertaken.

Kaisa had 19 outstanding dollars bonds valued at more than $12 billion according to Refinitiv data. The bond due December is a $400m bond. Fitch reported that additional bonds of $3 billion and interest payments totaling around $1 billion are due in 2022.

Oceanwide Holdings Co Ltd announced Thursday that two offshore subsidiaries of developer Oceanwide Holdings Co Ltd had taken control of debt holders due to them not being able to pay the maturing notes.