Analysis HONG KONG—As uncertainty looms over cash-strapped China Evergrande Group, seizing up China’s junk bond market, pressure is building on its peers to access fresh funding to repay notes worth nearly $300 billion due over the next two years. Once its top-selling developer, Evergrande now looms as one of China’s largest-ever restructurings as a crackdown on debt ends a freewheeling era of building with borrowed money which became infamous for ghost cities and roads to nowhere. Evergrande will default on a dollar bond if it fails to pay interest due on Thursday just gone within 30 days, and the risk is that a messy liquidation drags down the whole property sector, which accounts for a quarter of the country’s gross domestic product. The nervousness has resulted in a handful of Chinese real estate developers having their ratings downgraded by agencies as concern swirls about their debt and repayment abilities, which, …