Advertisement
New Zealand markets open in 3 hours 46 minutes
  • NZX 50

    11,836.04
    -39.31 (-0.33%)
     
  • NZD/USD

    0.5903
    -0.0016 (-0.27%)
     
  • ALL ORDS

    7,898.90
    +37.90 (+0.48%)
     
  • OIL

    82.76
    +0.07 (+0.08%)
     
  • GOLD

    2,398.10
    +9.70 (+0.41%)
     

Ping An to Buy 20% Stake in Chinese Developer for $2 Billion

Ping An to Buy 20% Stake in Chinese Developer for $2 Billion

A unit of Ping An Insurance (Group) Co., China’s largest insurer by market value, plans to purchase a 19.7 percent stake in local developer China Fortune Land Development Co. The insurer’s asset management unit will spend 13.8 billion yuan ($2.1 billion), or 23.66 yuan a share, to buy 582 million shares of the builder from the company’s controlling shareholder, China Fortune Land said in a filing to the Shanghai Stock Exchange on Tuesday. The purchase of the stake comes after a renewed drive by Chinese regulators to contain risks in the property market, dragging down an index of Chinese property companies by 16 percent in the past month.