Once China’s Top Builder, Country Garden Turns Into Penny Stock

(Bloomberg) — Country Garden Holdings Co. Ltd., 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 14.4% early Friday to HK$0.89 (11 U.S. cents), 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 $3.3 billion from an all-time high of around $50 billion in 2018.