Ping An Sold Country Garden Stake, Has No Plans for Takeover
- Reuters reported authorities asked insurer to buy developer
- Analysts say it’s unlikely Ping An will acquire Country Garden
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Ping An Insurance (Group) Co. said it doesn’t hold any shares in Country Garden Holdings Co. and has no plans to acquire the distressed Chinese developer, refuting a report that sent the insurance giant’s stock tumbling on Wednesday.
The insurer said in a Shanghai Stock Exchange filing that it hasn’t received any suggestions or requests from any government agency to take over Country Garden, responding to a Reuters report that China’s State Council instructed the government of Guangdong province to ask Ping An to take a controlling stake in the developer.