Factbox-China property rescue: Who are Ping An Insurance Group and Country Garden?
© Reuters. FILE PHOTO: A logo of Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo
Ping An, based in the southern tech hub of Shenzhen, vies with China Life for the title of the country's biggest insurance group by market value. It had total assets of 11.45 trillion yuan and more than 229 million retail customers as of end-June, according to its latest interim report. The financial conglomerate is led by founder and chairman Ma Mingzhe, whose surname means"horse" in Mandarin.
While Country Garden's liabilities are only 59% as large as those of Evergrande, the world's most indebted developer, it has more than 3,000 projects under development nationwide, compared to around 800 for Evergrande. Authorities would prefer the developer's liquidity problems be resolved within Guangdong province, as per the report. Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, said the sources.
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