China stocks flat, Country Garden shares volatile

CIFI Holdings (Group)

09/11/2023 02:39

(Updates to reflect Country Garden price move, in paragraph 5)
       HONG KONG, Nov 9 (Reuters) - Shares of Chinese property
giant Country Garden  2007.HK  fell sharply early on
Thursday，giving up some of the previous day's big gains on the
back of a report that Beijing had asked Ping An Insurance Group
to take a controlling stake in the embattled homebuilder. 
    The broader Shanghai and Hong Kong stock markets  .HSI 
 .SSEC  were flat as investors weighed the developments in the
property sector and other stimulus measures. 
    Property stocks rose late on Wednesday after Reuters
reported China's State Council had instructed the local
government of Guangdong province to help arrange a rescue of
Country Garden by Ping An  601318.SS .
    Ping An subsequently said in a statement to Reuters it has
"not been asked by (the) Government to takeover Country Garden".
    Country Garden shares  2007.HK  listed in Hong Kong dropped
nearly 4% at the market open, following a 12% surge the previous
day. It bounced back to gain more than 3% but then fell into
negative territory again in heavy morning trade. Prices of
Country Garden dollar bonds were unchanged. 
    Stocks of other Chinese developers were lower, with the Hang
Seng Mainland Properties Index  .HSMPI  down about 2%, led by a
decline in China Evergrande Group  3333.HK  and CIFI Holdings
 0884.HK  shares. 
    Ping An's Hong Kong-listed shares  2318.HK  fell more than
1% to a one-year low, before paring some losses.    
    Hong Kong's Hang Seng Index  .HSI  and China's blue chip
CSI300  .CSI300  were largely flat. 

 (Reporting by Summer Zhen; Editing by Lincoln Feast and
Muralikumar Anantharaman)
 ((summer.zhen@thomsonreuters.com; 852-3462-7739;))