Property News · September 10, 2021

Ping An Insurance becomes top holder of cash-strapped China Fortune Land, raising survival hopes


Ping An Insurance (Group), China’s largest insurer by market value, has become the largest shareholder of China Fortune Land Development, raising hopes the developer will survive its liquidity crisis following a debt default.The group overtook China Holdings as the single largest holder of the cash-strapped developer after the latter trimmed its ownership to 24.92 per cent from 25.82 per cent in a debt restructuring exercise, according to a Shanghai Stock Exchange filing late Thursday. The Ping…

Source : South China Morning Post
Read more…Ping An Insurance becomes top holder of cash-strapped China Fortune Land, raising survival hopes