Country Garden shares fall on margin squeeze

SHANGHAI: Country Garden Holdings Co shares declined by the most in two years, after the developer reported declining margins in 2015 and losses from foreign exchange movements.

Shares of Country Garden dropped 9.1% to HK$3.20 in Hong Kong, the largest decrease since March 2014. Gross profit margin, a measure of profitability, declined 5.9 percentage points to 20.2% last year, according to data compiled by Bloomberg. That missed the average estimate of 23.7% by eight analysts surveyed by Bloomberg.