By Reuters Staff
2 Min Read
FILE PHOTO: The company logo of Ping An Insurance is seen in Beijing, China, August 27, 2020. REUTERS/Thomas Peter
BEIJING (Reuters) - Ping An Insurance Group Co of China 601318.SS said it has a total exposure of 54 billion yuan ($8.4 billion) in China Fortune Land Development Co as the indebted property developer faces mounting default pressure.
Ping An Co-CEO Xie Yonglin told an earnings conference on Thursday that the company was now leading a creditor committee handling the debts in China Fortune Land, in which the company has a 25% stake.
Over the years, China’s biggest insurer has invested some 18 billion yuan in the equities of China Fortune Land Development and 36 billion yuan in its debts, said Xie. Those investments are part of Ping An’s 8-trillion-yuan investment portfolio, he added.
By Reuters Staff
2 Min Read
FILE PHOTO: The company logo of Ping An Insurance is seen in Beijing, China, August 27, 2020. REUTERS/Thomas Peter
BEIJING (Reuters) - Ping An Insurance Group Co of China 601318.SS said it has a total exposure of 54 billion yuan ($8.4 billion) in China Fortune Land Development Co as the indebted property developer faces mounting default pressure.
Ping An Co-CEO Xie Yonglin told an earnings conference on Thursday that the company was now leading a creditor committee handling the debts in China Fortune Land, in which the company has a 25% stake.
Over the years, China’s biggest insurer has invested some 18 billion yuan in the equities of China Fortune Land Development and 36 billion yuan in its debts, said Xie. Those investments are part of Ping An’s 8-trillion-yuan investment portfolio, he added.
China Fortune Land Development Co's bonds were the worst performing among Asian high yield notes last week amid rising pressure on the company’s international ratings.
Investors Have a New Default Worry in Chinaâs Debt Market
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(Bloomberg) Investor confidence in China Fortune Land Development Co. Ltd. is tumbling as concerns grow about its debt repayment abilities just as Beijing steps up efforts to cut risk in the real estate sector.
(Bloomberg) Investor confidence in China Fortune Land Development Co. Ltd. is tumbling as concerns grow about its debt repayment abilities just as Beijing steps up efforts to cut risk in the real estate sector.
The mid-sized developerâs dollar bonds fell to record lows earlier Tuesday, with some rebounding but a note due 2024 still down at 49.8 cents on the dollar at 5:23 p.m. Hong Kong time, Bloomberg-compiled prices show. The bond was quoted at around 86 cents at the end of last year. The firmâs onshore bonds also slumped, with one due December 2025 down 58% at 43 yuan.