Posted 11/8/2023, 9:52:00 AM
Ping An Shares Drop As Chinese Authorities Reportedly Ask It To Buy Stake in Country Garden
- Ping An shares fall 5% after asked to buy stake in Country Garden; Country Garden shares rise 12%
- Chinese authorities asked Ping An to take controlling stake in troubled developer Country Garden - Reuters sources
- Move seen as positive signal for debt-laden China property sector weighing on economy
- Country Garden dollar bonds rally on news; Wanda Properties bonds also up
- Ping An denies approached by government over Country Garden stake