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SaltWire's Atlantic regional weather forecast for November 7, 2023 | SaltWire - Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation's biggest private property developer, four people familiar with the plan said.
The insurer, which vies with China Life for the title of the country's biggest insurance group by market value, declined to make its founder and chairman, Ma Mingzhe, available for an interview. Ma, who also uses the English first name Peter, did not respond to an emailed Reuters request for comment.
While in China companies can rarely ignore a request from the central government, the three sources said Ping An has been asked to come up with details of the plan and will have leeway to negotiate terms of any deal. Authorities want Ping An to take a stake of more than 50%, according to one person with direct knowledge and one person briefed on the plan.
Country Garden has said it expects to be unable to meet all of its offshore debt obligations and hopes to seek a"holistic" solution to its difficulties.
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