Comment on the rumors that Ping An Insurance could acquire a majority stake in Country Garden
#IMPORTANT $Ping An Insurance (Group) Company of China Ltd.(PNGAY)$ $Global X MSCI China Real Estate ETF(CHIR)$ $Country Garden Holdings Co., Ltd.(CTRYY)$ $COUNTRY GARDEN(02007)$
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
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My comment:
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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- MaxChua·2023-11-08it will not restore confidence in China, it will make matters worst, investors will rush for the exit because good companies are forced to absorb zombie companies n no investors would want that... if it's true, it's a crazy move by the Chinese govt.... then the term uninvestible in China might be true after allLikeReport
- Rollyxuxu·2023-11-08Ping An sacrificed to save them. As a shareholders it breaks my heartLikeReport