Ping An denies news of takeover move: Report

The insurer denied taking a controlling stake in the troubled Country Garden.

Chinese authorities have reportedly requested Ping An Insurance Group to take a controlling stake in the troubled Country Garden, the nation's largest private property developer, as part of a rescue plan, Reuters reported.

The State Council of China, headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to arrange the rescue effort.

While some reports suggested that Ping An was asked to take a stake of over 50% in Country Garden, Ping An denied this claim.

Ping An has "not been asked by (the) Government to takeover Country Garden. We categorically deny this story. It is untrue," the company said in response to Reuters.

The property developer has been grappling with liquidity problems and missed a coupon payment last month.

This move is seen as an effort to mitigate risks and prevent the issues from impacting the broader economy.

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