Comment on the rumors that Ping An Insurance could acquire a majority stake in Country Garden
Reuters just reported that Beijing has asked Ping An Insurance to take a controlling stake in Country Garden.
#CN_Note Ping An Insurance has 5.31% common shares of Country Garden now, according to the latest data.
#China #CountryGarden #Property #Realestate
Rumors of Beijing instructing Ping An to take a controlling stake in Country Garden are making the rounds in Hong Kong. Ping An denied the rumor. Over the years, Ping An had reduced its stake in the firm from 2.2 billion shares to 1.4 bn as of August 2023.
If proven true, the significant bailout of the troubled developer would help restore confidence in the Chinese property sector.
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