BEIJING: Country Garden Holdings Co, formerly China’s largest developer by sales, has become a Hong Kong penny stock amid increasing scrutiny of its operations and mounting liquidity concerns.
The stock fell as much as 5.8% early Friday to HK$0.98, on course to close below HK$1 for the first time ever. It has tumbled about 70% from a January peak, the worst performer on the Hang Seng Index in that span. That’s shrunk its market value to just $3.5 billion from an all-time high of around $50 billion in 2018.
