HONG KONG: Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the country’s biggest private property developer, four people familiar with the plan say.
The State Council, which is headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to help arrange a rescue of Country Garden by Ping An, said two of the sources who have direct…
