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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.
Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden.
Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation's biggest private property developer, Reuters reported on Wednesday, citing sources familiar with the plan. A state-engineered rescue of Country Garden by Ping An would be one of the most significant interventions to date by China to support its cash-squeezed, highly indebted property sector, which accounts for one-quarter of economic activity. Ping An, based in the southern tech hub of Shenzhen, vies with China Life for the title of the country's biggest insur...
Wall Street stocks' longest winning streak in two years - clocking seven straight daily gains - has been underscored by a slump in crude oil prices to their lowest in over three months - reining in inflation expectations and worrisome bond yields. Along with the cooling labor market and Tuesday's data on rising credit card delinquencies, softer energy prices have pulled two-year U.S. inflation expectations in the bond market to just 2.2% - their lowest in almost a month. Decent demand at Tuesday's 3-year Treasury auction also helped calm recently restive bonds as $40 billion o...
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