News Snapshot:
It was considered the gold standard in China’s increasingly shaky housing market. Now investors are treating Country Garden, the giant developer, like a ticking time bomb. The company, China’s last major real estate giant to avoid default, has hinted at its financial troubles for weeks. On Thursday night, it was more direct: Country Garden said it expected a loss of up to $7.6 billion over the first six months of this year. The company’s shares, which trade in Hong Kong, took a dive on Friday, dragging its value to new depths. The stock is trading around one Hong Kong dollar,...
