Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden (2007.HK), the nation's biggest private property developer, four people familiar with the plan said.
The logo of Ping An Insurance is seen at the Global Mobile Internet Conference at the National Convention Center in Beijing, China April 27, 2018.
Authorities are keen that any risks posed by Country Garden's liquidity problems should not spill over to the wider economy, said three of the sources. Ping An has been asked to conduct due diligence on Country Garden, two sources also said, adding that authorities understood the insurer was a listed company answerable to shareholders.
Country Garden's largest shareholder with a stake of about 52% is Yang Huiyan, chairperson and daughter of a co-founder. Reuters was not able to reach Yang for comment. Chinese authorities are eager to make the proposed takeover a possible template for other financially troubled developers, two of the sources also said.Authorities are keen for the Country Garden's liquidity problems to be resolved within Guangdong, three sources said. Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, according to two of the sources.
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