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 : 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 controlling stake in troubled developer Country Garden.
A spokesperson for Ping An 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.