Key Points
Nov 8 (Reuters) - Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden (2007.HK), the nation's biggest private property developer, four people familiar with the plan told Reuters...
"Chinas government departments and state-owned enterprises intervening in large private real estate firms would ensure a good disposal mechanism of bad assets..
"If the central government steps in to help Country Garden, it's for easing the debt crisis and preventing a spillover to financial institutions..
"The news will give a short-lived boost to Country Garden's stock price and market sentiment, but it ultimately depends on whether Country Garden will be rescued and able to deliver homes at the end of the day..
Country Garden's delivery of homes would be smoother, and homebuyers' worries about unfinished homes could be reduced to a certain extent, which would in turn be conducive to the restoration of home-buying confidence for the entire market...
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