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No Picnic for Country Garden as Shares Tumble Despite Buybacks

  • Stock is one of the worst performers on Hong Kong benchmark
  • China’s tightening of housing market policy looms over sector
Country Garden Holdings Forest City News Conference And Visit To The Industrialised Building System Facility
Photographer: Nicky Loh/Bloomberg

Share buybacks are doing little to help stem a $24 billion selloff in China’s biggest developer by sales.

One of the worst performers on Hong Kong’s equity benchmark, Country Garden Holdings Co. has fallen 46 percent from its January peak even as it spent more than $125 million in share repurchases. China’s crackdown on the real estate market and concerns over a sales slowdown have weighed on the sector, while fatal accidents at Country Garden project sites have deepened concerns.