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

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 ...

Company logo of Ping An Insurance Group is shown at a news conference following the company's announcement of its annual results in Hong KongHONG 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.

A spokesperson for Ping An said the company had not been approached by the government and denied the information reported by Reuters, which cited four sources familiar with the plan. "Such a move should mitigate or control the risks in the market," said Lu Wenxi, analyst at property agency Centaline. Elsewhere, a Wanda Properties dollar bond maturing early in 2024 was up more than half a cent at 50.75 to the dollar.

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