China Developer CIFI Slumps by Record After Trading Resumes
- Stock’s trading had been suspended for months on results delay
- CIFI’s drop weighs on index of Chinese developer shares
This article is for subscribers only.
Chinese developer CIFI Holdings Group Co.’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.