Country Garden Holdings, formerly China's largest property developer, has become a Hong Kong penny stock amid rising scrutiny of its business and growing liquidity concerns. The stock tumbled around 70% from a January peak, making it the worst performer on the Hang Seng Index, and its market value has fallen to just $3.5 billion from a record high of about $50 billion in 2018.
Country Garden Holdings, formerly China's largest property developer, has become a Hong Kong penny stock amid rising scrutiny of its business and growing liquidity concerns. The stock tumbled around 70% from a January peak, making it the worst performer on the Hang Seng Index, and its market value has fallen to just $3.5 billion from a record high of about $50 billion in 2018.