Chinese Developer CIFI’s Stock Posts Record Drop After Trading Resumes

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Developer CIFI’s shares fall as much as 55% in early Hong Kong trading after the troubled builder reported a net loss of almost $1.2 billion. Photo: Bloomberg

(Bloomberg) — Chinese developer CIFI Holdings Group Co. Ltd.’s shares plunged by a record after trading resumed upon the release of its earnings, which underscored the hit from a prolonged property downturn.

The stock fell as much as 55% in Hong Kong, the biggest drag on a Bloomberg gauge of Chinese builder shares. The index, headed for a third day of losses, is close to erasing all gains notched during last year’s reopening rally.