,China

Ping An denies exposure in embattled China Evergrande

The insurer's shares plummeted over concerns of exposure.

Ping An Insurance has issued a statement clarifying that it does not have exposure in its insurance fund investments to companies including BRC, Oceanwide, and the embattled property group China Evergrande.

According to Ping An, its estimated real estate exposure is less than 5% of its total investment assets, with two-thirds of its exposure to China Fortune Land provisioned for.

According to OCBC Investment Research report, Ping An’s H shares have seen stronger selling pressures compared to its A shares over the past week, reflecting the higher de-risking sentiment of overseas investors on the back of worries over the real estate sector and Evergrande.

“Whilst the concerns over property-related risks appear overdone, we see fragile investor sentiment continuing for the near term. Fair value is reduced to HK$80 as we take a larger discount to its valuation in view of ongoing uncertainties over its portfolio holdings for which the group has provided limited disclosure, and a modest recovery outlook as reflected by recent softer economic data releases,” OCBC said.

The insurer’s shares plummeted 5.8% as fears of exposure to the property group, who is more than $300b in debt, grew.

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