Country Garden shares rally on disputed report that Ping An was asked to buy it
By Steve Goldstein
Shares of Country Garden ended sharply higher on Wednesday after a report that the Chinese government wanted Ping An Insurance to take control of the company.
Country Garden shares (HK:2007) ended 12% higher, while Ping An (HK:2318) stock fell 5%, following the Reuters report, which cited two people sources with direct knowledge of the matter.
Ping An denied the report. "The company hereby solemnly declares that the Reuters story is untrue, and that it has not received such requests from any relevant government departments/agencies," Ping An said Wednesday.
Both Country Garden and Ping An are based in Guangdong.
Last month, Country Garden was reported to have missed an interest payment on a dollar-denominated bond.
Country Garden had 3,121 projects in Mainland China as of the end of 2022, financed by $50 billion in debt.
-Steve Goldstein
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11-08-23 0622ET
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