Ping An exited its Country Garden stake, has no takeover plan – Bloomberg News

(Reuters) – Ping An Insurance Group sold all of its shares in Country Garden Holdings Co and has no plans to acquire the distressed developer, Bloomberg News reported on Wednesday, citing people with knowledge of the matter.

Chinese authorities asked Ping An Insurance to take a controlling stake in Country Garden, Reuters reported earlier on Wednesday, citing four people familiar with the plan.

(Reporting by Nilutpal Timsina in Bengaluru; Editing by Tomasz Janowski)

Reuters

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