China Asks Ping An to Rescue Country Garden, Reuters Reports
- Insurer says report is untrue and no requests were made
- Country Garden recently defaulted amid China’s property crisis
Residential buildings under construction at the Phoenix Palace project, developed by Country Garden Holdings Co., in Heyuan, Guangdong province, China.
Source: Bloomberg
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Chinese authorities have asked insurer Ping An Insurance Group to take a controlling stake in developer Country Garden Holdings Co., Reuters reported.
China’s State Council has instructed the local government of southern Guangdong province, where both companies are based, to help arrange a rescue, according to the report.