(Yicai Global) July 26 -- Shares of Country Garden Holdings sank despite an insider at the Chinese property developer denying that the firm invited accounting giant KPMG to conduct due diligence on its assets and liabilities.

Country Garden [HKG: 2007] closed 3.4 percent down at HKD1.44 (18 US cents) in Hong Kong today, after surging by as much as 5.4 percent at one point. The stock plunged 5.5 percent on July 21 and 8.7 percent on July 24, but closed up 18.3 percent yesterday.

An ET Net report yesterday, citing unidentified market sources, said KPMG had been invited to do due diligence on Country Garden’s assets and debts. The Paper reported later the same day that the news was untrue, according to an insider at the Foshan-based company. 

Country Garden founder Yang Guoqiang and his daughter and Chairman Yang Huiyan are working normally at the headquarters, The Paper said earlier this week.

Editor: Futura Costaglione