HONG KONG—Chinese developers took a drubbing on Thursday, with shares and bonds falling, creditors seizing assets, and rating agencies distributing more downgrades, ahead of a final debt payment deadline for China Evergrande Group on Friday. Shares of Kaisa Group were hardest-hit, losing nearly a fifth of their value on Thursday after rating agency downgrades that highlighted the company’s limited access to funding and significant U.S. dollar debt obligations. Kaisa’s shares fell by as much as 19.9 percent to an all-time low of HK$1.17 on Thursday, while its 11.25 percent April 2022 bond dropped more than 8 points to trade at less than 35 percent of its face value, according to data provider Duration Finance. Kaisa led losses across the real estate sector. A Hong Kong index tracking mainland property companies fell 1.3 percent and the CSI300 Real Estate sub-index lost 2.3 percent. Shares of China Evergrande Group, whose liquidity crunch …