China wants insurer to take over biggest builder on verge of default firstpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from firstpost.com Daily Mail and Mail on Sunday newspapers.
China's State Council, which is headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to help arrange a rescue of Country Garden by Ping An, said two of the sources who have direct knowledge of the matter. A spokesperson for Ping An said the company had not been approached by the government and denied the information reported by Reuters.
Chinese authorities have asked Ping An
Insurance Group to take a controlling stake in
embattled Country Garden, the nation s biggest private
property developer, four people familiar with the plan.
Beijing engineering huge property rescue bangkokpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bangkokpost.com Daily Mail and Mail on Sunday newspapers.