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

The Ping An International Financial Center in Beijing

(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)

Related posts

What’s the weather forecast for New Jersey This Weekend?

Juvenile charged in Evesham vehicle burglary spree after multi-agency search

Fatal crash under investigation after two-car collision in West View