China property firms' shares, bonds take hit after Yango debt exchange

SHANGHAI: Shares and bonds of Chinese property developers stumbled on Tuesday as worries over spreading financial contagion worsened following a debt exchange from one of the country's top 20 homebuilders that triggered a flurry of credit warnings.

Yango Group Co Ltd on Monday offered to exchange some U.S. dollar bonds for new notes personally guaranteed by its chairman to avoid defaulting on upcoming debt payments.