Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation s biggest private property developer, four people familiar with the plan said.
Exclusive: China authorities ask Ping An to take controlling stake in Country Garden, sources say reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
China wants insurer to take over biggest builder on verge of default firstpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from firstpost.com Daily Mail and Mail on Sunday newspapers.
China's State Council, which is headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to help arrange a rescue of Country Garden by Ping An, said two of the sources who have direct knowledge of the matter. A spokesperson for Ping An said the company had not been approached by the government and denied the information reported by Reuters.