Ping An's Hong Kong shares hit one-year low, Chinese property jumps

Gemdale Properties and Investment

08/11/2023 07:55

** Hong Kong shares of Ping An Insurance Group  2318.HK 
fall as much as 5.7% to HK$38.40, lowest since Nov. 11, 2022, on
their second session of decline
    ** Stock is biggest pct loser in Hang Seng Finance Index
 .HSNF , Hang Seng Composite Index on financials stocks  .HSCIF 
and Hang Seng Index  .HSI 
    ** Ping An's Shanghai shares  601318.SS  down 1.4% 
    ** Reuters reported that Chinese authorities had asked the
insurer to take a controlling stake in embattled developer
Country Garden  2007.HK 
    ** A spokesperson for Ping An said the company had not been
approached by the government and denied the information reported
by Reuters
    ** China's State Council Information Office and the
Guangdong local government did not respond to requests for
comment, while Country Garden declined to comment
    ** Shares of Country Garden soar 17.6% to HK$0.87, highest
since Oct. 10
    ** Rivals also jump, with Sunac  1918.HK , CIFI  0884.HK ,
Shimao  0813.HK  and Gemdale  0535.HK  up between 9% and 33%
    ** China Evergrande  3333.HK  surges 15.6%, China Vanke
 2202.HK  up 4.7% 
    ** Hang Seng Mainland Properties Index  .HSMPI  jumps 3.5% 
    ** Ping An's Hong Kong stock down 25.6% YTD, Country Garden
down 68.9% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))