China Builder CIFI’s Shares Plunge After Debt-Payment Suspension
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CIFI Holdings Group Co. shares plunged to record lows after the developer said it will suspend offshore financing payments due to being largely unable to raise new funds overseas this year.
The stock opened down 26% at 38.5 Hong Kong cents after being halted since Thursday pending the release of inside information. Its market value has shrunk to HK$3.64 billion ($464 million) as CIFI’s shares have plunged 91% this year.