(Bloomberg) -- A $5.5 billion selloff in Ping An Insurance Group Co. is underscoring why a mooted takeover of distressed developer Country Garden Holdings Co...
-- A $5.5 billion selloff in Ping An Insurance Group Co. is underscoring why a mooted takeover of distressed developer Country Garden Holdings Co. would be perilous for both the insurer and the Chinese financial system.Everything We Know About Grand Theft Auto 6 Right Now
Past takeovers of large and troubled companies in China have tended to be led by state-owned firms with strong backing from the national government in case losses snowball. History suggests there’s reason to be cautious, given that Ping An’s investment in China Fortune Land Development Co. wiped out about 24 billion yuan of its profit in 2021.
Ping An may have no obligation or intention to take over the property company “considering that it has already cut its position in Country Garden,” Nomura analysts including Shengbo Tang wrote in a note. “It has also controlled its overall exposure to real estate which shows that it has learned a lesson from its investments in China Fortune Land.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Factbox-China property rescue: Who are Ping An Insurance Group and Country Garden?Explore stories from Atlantic Canada.
Read more »
Reaction to Reuters report on Ping An, Country GardenExplore stories from Atlantic Canada.
Read more »
Ping An loses $2.1 billion in market value, China property rallies on Country Garden rescue reportExplore stories from Atlantic Canada.
Read more »
Ping An loses $2.1 billion in market value, China property rallies on Country Garden rescue reportChina property stocks rallied and Ping An Insurance Group shares slumped to a one-year low on Wednesday after Reuters reported Chinese authorities had asked ...
Read more »
Ping An Exited Its Country Garden Stake, Has No Takeover PlanPing An Insurance (Group) Co. sold all of its shares in Country Garden Holdings Co. and has no plans to acquire the distressed developer, according to people with knowledge of the matter.
Read more »
Exclusive-China authorities ask Ping An to take controlling stake in Country Garden, sources sayChina's State Council, which is headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to...
Read more »