Ping An loses $2.1 billion in market value, China property rallies on Country Garden rescue report
© Reuters. Company logo of Ping An Insurance Group is shown at a news conference following the company's announcement of its annual results in Hong Kong, China March 16, 2016. REUTERS/Bobby Yip/File PhotoHONG KONG - China property stocks rallied and Ping An Insurance Group shares slumped to a one-year low on Wednesday after Reuters reported Chinese authorities had asked the firm to take a controlling stake in troubled developerPing An's Hong Kong-listed shares tumbled 5.
"This move is a big boost to market confidence, because now the whole real estate market, especially some major real estate enterprises are under pretty big pressure, and their bankruptcy risks triggering a chain reaction."
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