China regulator probes Ping An Insurance's property investments

Reuters2021-08-30

SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment（6）

Alfred1007
·2021-08-30
Now the tornado turn to financial sector?
Reply
Like
Report
Alvin1975
·2021-08-30
We
Reply
1
Report
CLT224
·2021-08-30
Wrong bet.
Reply
2
Report
STSL
·2021-08-30
Pls like
Reply
5
Report
Fold Replies
- Keychain:
  Done
  2021-08-30
  Reply
  Report
- Ivanhojh:
  Done
  2021-08-30
  Reply
  Report
- Autoph:
  Ok
  2021-08-30
  Reply
  Report
Christoooo
·2021-08-30
Uujiiiikooooooiii
Reply
5
Report
Jeezz
·2021-08-30
hmmm
Reply
7
Report
Fold Replies
- Christoooo:
  ok
  2021-08-30
  Reply
  Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1179773136?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2021-08-30 17:30","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1179773136","market":"hk","top_or_hot":-1,"title":"China regulator probes Ping An Insurance's property investments","media":"Reuters","content":"<div>\n<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...</p>\n\n<a href=\"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W\">Source Link</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China regulator probes Ping An Insurance's property investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina regulator probes Ping An Insurance's property investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...</p>\n\n<a href=\"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02318","symbol_name":"中国平安","start_time":0,"source_url":"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W","article_id":"1179773136","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1179773136","pubTimestamp":1630315802,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insur","collect":0,"end_time":0,"defaultTopTitle":"reuters.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"601318":"中国平安","02318":"中国平安","PNGAY":"中国平安ADR"},"translate_title":"中国监管机构调查中国平安的房地产投资","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601318":0.9,"02318":0.9,"PNGAY":0.9},"content_text":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.\nThe China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.\nPing An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.\nThe regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed here a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.\nPing An made adjustments to its earnings figures including booking impairment provisions hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.\nChina Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.\nThe regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.\nThe government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.\nThe insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.\nThe insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.\nPROPERTY EXPOSURE\nThe regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.\nAlso, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.\nPing An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.\nChina’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.\n“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.\n“We’re cutting our exposure as part of our internal strategy,” the person said.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":811522862,"gmtCreate":1630332972956,"gmtModify":1676530272729,"author":{"id":"3570656625926041","authorId":"3570656625926041","name":"Alfred1007","avatar":"https://static.tigerbbs.com/81d8406380cbc0525927f00a9510f2fa","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":2,"crmLevelSwitch":0,"idStr":"3570656625926041","authorIdStr":"3570656625926041"},"htmlText":"Now the tornado turn to financial sector?","listText":"Now the tornado turn to financial sector?","text":"Now the tornado turn to financial sector?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/811522862","repostId":1179773136,"repostType":4,"repost":{"id":"1179773136","kind":"news","pubTimestamp":1630315802,"share":"https://ttm.financial/m/news/1179773136?lang=&edition=fundamental","pubTime":"2021-08-30 17:30","market":"us","language":"en","title":"China regulator probes Ping An Insurance's property investments","url":"https://stock-news.laohu8.com/highlight/detail?id=1179773136","media":"Reuters","summary":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insur","content":"<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.</p>\n<p>The China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.</p>\n<p>Ping An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.</p>\n<p>The regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed&nbsp;here&nbsp;a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.</p>\n<p>Ping An made adjustments to its earnings figures including booking impairment provisions&nbsp;hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.</p>\n<p>China Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.</p>\n<p>The regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.</p>\n<p>The government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.</p>\n<p>The insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.</p>\n<p>The insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.</p>\n<p>PROPERTY EXPOSURE</p>\n<p>The regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.</p>\n<p>Also, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.</p>\n<p>Ping An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.</p>\n<p>China’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.</p>\n<p>“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.</p>\n<p>“We’re cutting our exposure as part of our internal strategy,” the person said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China regulator probes Ping An Insurance's property investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina regulator probes Ping An Insurance's property investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...</p>\n\n<a href=\"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601318":"中国平安","02318":"中国平安","PNGAY":"中国平安ADR"},"source_url":"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179773136","content_text":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.\nThe China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.\nPing An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.\nThe regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed here a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.\nPing An made adjustments to its earnings figures including booking impairment provisions hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.\nChina Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.\nThe regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.\nThe government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.\nThe insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.\nThe insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.\nPROPERTY EXPOSURE\nThe regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.\nAlso, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.\nPing An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.\nChina’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.\n“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.\n“We’re cutting our exposure as part of our internal strategy,” the person said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":811657329,"gmtCreate":1630321079561,"gmtModify":1676530267608,"author":{"id":"3573788625955643","authorId":"3573788625955643","name":"Alvin1975","avatar":"https://static.tigerbbs.com/beba0668af2d109b87221754e75935b3","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3573788625955643","authorIdStr":"3573788625955643"},"htmlText":"We","listText":"We","text":"We","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/811657329","repostId":1179773136,"repostType":4,"repost":{"id":"1179773136","kind":"news","pubTimestamp":1630315802,"share":"https://ttm.financial/m/news/1179773136?lang=&edition=fundamental","pubTime":"2021-08-30 17:30","market":"us","language":"en","title":"China regulator probes Ping An Insurance's property investments","url":"https://stock-news.laohu8.com/highlight/detail?id=1179773136","media":"Reuters","summary":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insur","content":"<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.</p>\n<p>The China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.</p>\n<p>Ping An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.</p>\n<p>The regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed&nbsp;here&nbsp;a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.</p>\n<p>Ping An made adjustments to its earnings figures including booking impairment provisions&nbsp;hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.</p>\n<p>China Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.</p>\n<p>The regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.</p>\n<p>The government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.</p>\n<p>The insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.</p>\n<p>The insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.</p>\n<p>PROPERTY EXPOSURE</p>\n<p>The regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.</p>\n<p>Also, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.</p>\n<p>Ping An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.</p>\n<p>China’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.</p>\n<p>“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.</p>\n<p>“We’re cutting our exposure as part of our internal strategy,” the person said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China regulator probes Ping An Insurance's property investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina regulator probes Ping An Insurance's property investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...</p>\n\n<a href=\"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601318":"中国平安","02318":"中国平安","PNGAY":"中国平安ADR"},"source_url":"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179773136","content_text":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.\nThe China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.\nPing An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.\nThe regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed here a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.\nPing An made adjustments to its earnings figures including booking impairment provisions hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.\nChina Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.\nThe regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.\nThe government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.\nThe insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.\nThe insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.\nPROPERTY EXPOSURE\nThe regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.\nAlso, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.\nPing An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.\nChina’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.\n“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.\n“We’re cutting our exposure as part of our internal strategy,” the person said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":811661652,"gmtCreate":1630317645976,"gmtModify":1676530266903,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"htmlText":"Wrong bet.","listText":"Wrong bet.","text":"Wrong bet.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/811661652","repostId":1179773136,"repostType":4,"repost":{"id":"1179773136","kind":"news","pubTimestamp":1630315802,"share":"https://ttm.financial/m/news/1179773136?lang=&edition=fundamental","pubTime":"2021-08-30 17:30","market":"us","language":"en","title":"China regulator probes Ping An Insurance's property investments","url":"https://stock-news.laohu8.com/highlight/detail?id=1179773136","media":"Reuters","summary":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insur","content":"<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.</p>\n<p>The China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.</p>\n<p>Ping An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.</p>\n<p>The regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed&nbsp;here&nbsp;a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.</p>\n<p>Ping An made adjustments to its earnings figures including booking impairment provisions&nbsp;hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.</p>\n<p>China Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.</p>\n<p>The regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.</p>\n<p>The government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.</p>\n<p>The insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.</p>\n<p>The insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.</p>\n<p>PROPERTY EXPOSURE</p>\n<p>The regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.</p>\n<p>Also, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.</p>\n<p>Ping An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.</p>\n<p>China’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.</p>\n<p>“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.</p>\n<p>“We’re cutting our exposure as part of our internal strategy,” the person said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China regulator probes Ping An Insurance's property investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina regulator probes Ping An Insurance's property investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...</p>\n\n<a href=\"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601318":"中国平安","02318":"中国平安","PNGAY":"中国平安ADR"},"source_url":"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179773136","content_text":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.\nThe China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.\nPing An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.\nThe regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed here a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.\nPing An made adjustments to its earnings figures including booking impairment provisions hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.\nChina Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.\nThe regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.\nThe government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.\nThe insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.\nThe insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.\nPROPERTY EXPOSURE\nThe regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.\nAlso, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.\nPing An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.\nChina’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.\n“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.\n“We’re cutting our exposure as part of our internal strategy,” the person said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":811615301,"gmtCreate":1630316348203,"gmtModify":1676530266420,"author":{"id":"3586492916274801","authorId":"3586492916274801","name":"STSL","avatar":"https://static.tigerbbs.com/49e8aa4445808964ca4d2a2f3937956e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586492916274801","authorIdStr":"3586492916274801"},"htmlText":"Pls like&nbsp;","listText":"Pls like&nbsp;","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/811615301","repostId":1179773136,"repostType":4,"repost":{"id":"1179773136","kind":"news","pubTimestamp":1630315802,"share":"https://ttm.financial/m/news/1179773136?lang=&edition=fundamental","pubTime":"2021-08-30 17:30","market":"us","language":"en","title":"China regulator probes Ping An Insurance's property investments","url":"https://stock-news.laohu8.com/highlight/detail?id=1179773136","media":"Reuters","summary":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insur","content":"<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.</p>\n<p>The China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.</p>\n<p>Ping An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.</p>\n<p>The regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed&nbsp;here&nbsp;a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.</p>\n<p>Ping An made adjustments to its earnings figures including booking impairment provisions&nbsp;hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.</p>\n<p>China Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.</p>\n<p>The regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.</p>\n<p>The government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.</p>\n<p>The insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.</p>\n<p>The insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.</p>\n<p>PROPERTY EXPOSURE</p>\n<p>The regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.</p>\n<p>Also, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.</p>\n<p>Ping An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.</p>\n<p>China’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.</p>\n<p>“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.</p>\n<p>“We’re cutting our exposure as part of our internal strategy,” the person said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China regulator probes Ping An Insurance's property investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina regulator probes Ping An Insurance's property investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...</p>\n\n<a href=\"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601318":"中国平安","02318":"中国平安","PNGAY":"中国平安ADR"},"source_url":"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179773136","content_text":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.\nThe China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.\nPing An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.\nThe regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed here a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.\nPing An made adjustments to its earnings figures including booking impairment provisions hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.\nChina Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.\nThe regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.\nThe government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.\nThe insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.\nThe insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.\nPROPERTY EXPOSURE\nThe regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.\nAlso, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.\nPing An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.\nChina’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.\n“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.\n“We’re cutting our exposure as part of our internal strategy,” the person said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5693331,"gmtCreate":1630317376501,"gmtModify":1663233112339,"authorId":3571801721484161,"author":{"id":3571801721484161,"idStr":"3571801721484161","authorId":3571801721484161,"name":"Keychain","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":811615301,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"},{"id":5693203,"gmtCreate":1630316766795,"gmtModify":1663233110933,"authorId":3575241823069388,"author":{"id":3575241823069388,"idStr":"3575241823069388","authorId":3575241823069388,"name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":811615301,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"},{"id":5693214,"gmtCreate":1630316830413,"gmtModify":1631891733101,"authorId":3575069195817790,"author":{"id":3575069195817790,"idStr":"3575069195817790","authorId":3575069195817790,"name":"Autoph","avatar":"https://static.tigerbbs.com/b0922dd4320d261e4f2f56fc4a467c2a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":811615301,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":811612097,"gmtCreate":1630316271119,"gmtModify":1676530266396,"author":{"id":"3586558475553764","authorId":"3586558475553764","name":"Christoooo","avatar":"https://static.tigerbbs.com/91b62810815621977e2e6cc6da25ff49","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586558475553764","authorIdStr":"3586558475553764"},"htmlText":"Uujiiiikooooooiii","listText":"Uujiiiikooooooiii","text":"Uujiiiikooooooiii","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/811612097","repostId":1179773136,"repostType":4,"repost":{"id":"1179773136","kind":"news","pubTimestamp":1630315802,"share":"https://ttm.financial/m/news/1179773136?lang=&edition=fundamental","pubTime":"2021-08-30 17:30","market":"us","language":"en","title":"China regulator probes Ping An Insurance's property investments","url":"https://stock-news.laohu8.com/highlight/detail?id=1179773136","media":"Reuters","summary":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insur","content":"<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.</p>\n<p>The China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.</p>\n<p>Ping An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.</p>\n<p>The regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed&nbsp;here&nbsp;a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.</p>\n<p>Ping An made adjustments to its earnings figures including booking impairment provisions&nbsp;hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.</p>\n<p>China Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.</p>\n<p>The regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.</p>\n<p>The government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.</p>\n<p>The insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.</p>\n<p>The insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.</p>\n<p>PROPERTY EXPOSURE</p>\n<p>The regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.</p>\n<p>Also, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.</p>\n<p>Ping An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.</p>\n<p>China’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.</p>\n<p>“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.</p>\n<p>“We’re cutting our exposure as part of our internal strategy,” the person said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China regulator probes Ping An Insurance's property investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina regulator probes Ping An Insurance's property investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...</p>\n\n<a href=\"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601318":"中国平安","02318":"中国平安","PNGAY":"中国平安ADR"},"source_url":"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179773136","content_text":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.\nThe China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.\nPing An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.\nThe regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed here a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.\nPing An made adjustments to its earnings figures including booking impairment provisions hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.\nChina Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.\nThe regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.\nThe government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.\nThe insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.\nThe insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.\nPROPERTY EXPOSURE\nThe regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.\nAlso, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.\nPing An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.\nChina’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.\n“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.\n“We’re cutting our exposure as part of our internal strategy,” the person said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":811618739,"gmtCreate":1630316101721,"gmtModify":1676530266364,"author":{"id":"4087967048754970","authorId":"4087967048754970","name":"Jeezz","avatar":"https://static.tigerbbs.com/a70af8809a95756364cc82fcfde2f404","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087967048754970","authorIdStr":"4087967048754970"},"htmlText":"hmmm","listText":"hmmm","text":"hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/811618739","repostId":1179773136,"repostType":4,"repost":{"id":"1179773136","kind":"news","pubTimestamp":1630315802,"share":"https://ttm.financial/m/news/1179773136?lang=&edition=fundamental","pubTime":"2021-08-30 17:30","market":"us","language":"en","title":"China regulator probes Ping An Insurance's property investments","url":"https://stock-news.laohu8.com/highlight/detail?id=1179773136","media":"Reuters","summary":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insur","content":"<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.</p>\n<p>The China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.</p>\n<p>Ping An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.</p>\n<p>The regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed&nbsp;here&nbsp;a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.</p>\n<p>Ping An made adjustments to its earnings figures including booking impairment provisions&nbsp;hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.</p>\n<p>China Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.</p>\n<p>The regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.</p>\n<p>The government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.</p>\n<p>The insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.</p>\n<p>The insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.</p>\n<p>PROPERTY EXPOSURE</p>\n<p>The regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.</p>\n<p>Also, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.</p>\n<p>Ping An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.</p>\n<p>China’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.</p>\n<p>“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.</p>\n<p>“We’re cutting our exposure as part of our internal strategy,” the person said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China regulator probes Ping An Insurance's property investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina regulator probes Ping An Insurance's property investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the ...</p>\n\n<a href=\"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601318":"中国平安","02318":"中国平安","PNGAY":"中国平安ADR"},"source_url":"https://www.reuters.com/article/china-regulation-ping-an-of-china/exclusive-china-regulator-probes-ping-an-insurances-property-investments-sources-idUSL4N2PX22W","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179773136","content_text":"SHANGHAI, Aug 30 (Reuters) - China’s banking and insurance sector regulator is probing Ping An Insurance Group Co of China Ltd’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.\nThe China Banking and Insurance Regulatory Commission (CBIRC) has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified as the information is not public.\nPing An in a statement said its real estate exposure was significantly lower than the regulatory cap. It did not respond to queries on the regulatory probe. The CBIRC did not respond to a request for comment.\nThe regulatory move comes after Ping An, the country's biggest insurer by assets, in February disclosed here a 54 billion yuan ($8.4 billion) exposure to the indebted China Fortune Land Development Co Ltd.\nPing An made adjustments to its earnings figures including booking impairment provisions hereof 35.9 billion yuan for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.\nChina Fortune, a developer of industrial parks and urban real estate, said it had overdue debt and interest worth 69.2 billion yuan as of June-end, and that default and liquidity stress could impact its operations and financing.\nThe regulatory probe into Ping An’s property portfolio also comes against the backdrop of Beijing sharpening its scrutiny of the country’s red-hot real estate market by tackling unbridled borrowing that has fuelled concern about financial risk.\nThe government has been working to curb unregulated credit flows into the property market. And as new rules choke off shadow lending to developers, the squeeze is increasing the risk of default for some of the country’s biggest property players.\nThe insurance regulator’s investigation into Ping An, the only insurer designated as systemically important, aims to uncover and contain risk connected to its property investment portfolio, said the people.\nThe insurer’s total real estate-related exposure is 185.5 billion yuan, weighing roughly equally on equities, debt and investment properties and accounting for around 4.8% to 4.9% of its 3.8 trillion yuan total investment portfolio, according to a Citi research note.\nPROPERTY EXPOSURE\nThe regulator’s latest on-site probe into Shenzhen-based Ping An, whose shares are down more than 40% this year, started this month, said one of the people, adding the CBIRC has been requesting documents since earlier this year.\nAlso, the CBIRC in February ordered the insurer to halt the sale of so-called alternative investment products, leaving dozens in a team set up for the purpose without work, they said.\nPing An’s other property investments include 14.1% of the shares in China Jinmao Holdings Group Ltd, 8% of Country Garden Holdings Co Ltd and 6.54% of CIFI Holdings (Group) Co Ltd, showed Refinitiv data based on company filings.\nChina’s insurers have been busy unwinding or cutting their exposure to developers this year, said two people who work at mid-sized insurance firms.\n“All I’ve been doing is travelling to meet our different developer clients this year in different parts to China to tell them we can’t finance them anymore,” said one person who works at one of China’s top 10 insurance firms.\n“We’re cutting our exposure as part of our internal strategy,” the person said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5693124,"gmtCreate":1630316264214,"gmtModify":1663233112635,"authorId":3586558475553764,"author":{"id":3586558475553764,"idStr":"3586558475553764","authorId":3586558475553764,"name":"Christoooo","avatar":"https://static.tigerbbs.com/91b62810815621977e2e6cc6da25ff49","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":811618739,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":48,"commentSize":6,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}