HONG KONG Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation's biggest private property developer, Reuters reported on Wednesday (Nov 8), citing sources familiar with the plan. A state-engineered rescue of Country Garden by Ping An would be one of the most significant interventions to date by China to.
Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation's biggest private property developer, Reuters reported on Wednesday, citing sources familiar with the plan. A state-engineered rescue of Country Garden by Ping An would be one of the most significant interventions to date by China to support its cash-squeezed, highly indebted property sector, which accounts for one-quarter of economic activity. Ping An, based in the southern tech hub of Shenzhen, vies with China Life for the title of the country's biggest insurance group by market value.
Chinese authorities have
asked Ping An Insurance Group to take a controlling
stake in embattled Country Garden, the nation s
biggest private property developer, Reuters reported on
Wednesday, citing.