Chinese property bonds and shares came under heavy selling pressure, a day after Chinese homebuilder Fantasia Holdings' (1777.HK) said it had failed to make a $206 million international market debt payment on time. That followed downgrading of the company by rating agencies, citing weak recovery prospects for bondholders after default as well as concerns about the company's disclosure and governance practices. In a statement, the property developer said that it will assess the potential impact of the non-payment on the group's financial conditions. It did not immediately respond to a Reuters request for comment on the rating downgrades. Developer Sinic Holdings (2103.HK) also suffered a ratings downgrades on Tuesday after it announced that certain subsidiaries had missed interest payments on onshore financing arrangements. S&P Global Ratings lowered its rating on Sinic, saying it had run into a "severe liquidity problem and its debt-servicing ability has almost been depleted".