Ping An loses $2.1 billion in market value, China property rallies on Country Garden rescue report

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SaltWire's Atlantic regional weather forecast for November 7, 2023 | SaltWireHONG KONG - China property stocks rallied and Ping An Insurance Group shares slumped to a one-year low on Wednesday after Reuters reported Chinese authorities had asked the firm to take a controlling stake in troubled developer Country Garden.

Country Garden shares rose to a one-month high and closed up more than 12%. Its dollar debts also rallied. However, markets took it as a positive signal for the debt-laden property sector, which has been weighing heavily on the world's second-largest economy and stirring fears of broader financial system contagion.

"Such a move should mitigate or control the risks in the market," said Lu Wenxi, analyst at property agency Centaline.

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