Company logo of Ping An Insurance Group is shown at a news conference following the company's announcement of its annual results in Hong Kong, China March 16, 2016. REUTERS/Bobby Yip/File PhotoHONG KONG, Nov 8 - China property stocks rallied and Ping An Insurance Group shares slumped to a one-year low on Wednesday after Reuters reported Chinese authorities had asked the firm to take a
Country Garden shares rose to a one-month high and closed up more than 12%. Its dollar debts also rallied.said the company had not been approached by the government and denied the information reported by Reuters, which cited four sources familiar with the plan. "Such a move should mitigate or control the risks in the market," said Lu Wenxi, analyst at property agency Centaline.
In debt markets, some of Country Garden's shorter term bonds, such as a dollar bond maturing early in 2024 , were as much as 2 cents firmer at around 6 cents on the dollar.