A state-engineered rescue of Country Garden by Ping An would be one of the most significant interventions to date by China to support its cash-squeezed, highly indebted property sector, which accounts for one-quarter of economic activity. The sector's growing debt defaults have sparked fears of a broader financial crisis, battering investor confidence and spooking potential home buyers.
A number of its units including Lufax Holding, OneConnect and Ping An Healthcare and Technology have gone public in New York and Hong Kong. Country Garden had total liabilities of 1.4 trillion yuan at the end of June, including nearly US$11 billion of offshore bonds and US$6 billion of offshore loans.
Reuters reported that Chinese authorities are keen that any risks posed by Country Garden's liquidity problems should not spill over into the wider economy.
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