12/17/2023 0 Comments Ios tor browser![]() Ping An has been asked to conduct due diligence on Country Garden, two sources also said, adding that authorities understood the insurer was a listed company answerable to shareholders.Ī fifth person with knowledge of the matter said some talks between Ping An and the Guangdong local government about a rescue of Country Garden took place in September.Īll sources declined to be identified due to the sensitivity of the matter.ĭiscussions between Ping An and authorities are being led by officials in the financial markets department of the People's Bank of China (PBOC), which is the central bank, and include Country Garden, said two sources. Talks between authorities and core Ping An leaders began in late August and are still at an early stage, said two of them. While in China companies can rarely ignore a request from the central government, the three sources said Ping An has been asked to come up with details of the plan and will have leeway to negotiate terms of any deal. "Only equity injections, such as corporate takeovers or nationalisations, are likely to turn around the confidence of home buyers and investors and materially change the situation." MITIGATING RISKĪuthorities are keen that any risks posed by Country Garden's liquidity problems should not spill over to the wider economy, said three of the sources. ![]() "If this is true, it will have a very significant positive impact on the property and capital markets," said Xu Tianchen, senior economist at the Economist Intelligence Unit. ![]()
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