Cash-strapped Chinese developer Evergrande Group has applied for a suspension of trade of its onshore corporate bonds on Sept. 16, following a ratings downgrade a day earlier. Hengda Real Estate Group, the property service provider and a subsidiary of Evergrande, found on Wednesday that its bonds’ ratings had been downgraded from AA to “A.” According to Hengda, the rating agency, China Chengxin International (CCXI), put both the bond and its issuer on a watchlist for further downgrades. Hengda asked to suspend trade of its onshore corporate bonds for one day. Upon resumption of trade on Sept. 17, its Shanghai and Shenzhen exchange-traded bonds will only be traded through limited negotiated transactions. The most recent application comes after repeated trading freezes in recent days due to volatile trade. Yet, according to market analysts, the latest suspension could indicate an increased likelihood of default and debt restructuring. Besides real estate development, Evergrande Group …