There are conflicting reported claims about the halt of alternatives sales at Ping An Insurance, which claims it received no such order from regulators in China.
Ping An denied that regulators had ordered it to halt sales of property-related alternative investments, according to a «Bloomberg» report citing an e-mailed statement, adding that the group and its asset management unit didn’t sell any such investment while such investments at its trust unit were not halted.
This compares with an earlier «Reuters» report citing unnamed sources, that claims that The China Banking and Insurance Regulatory Commission (CBIRC) was probing the insurance giant over the property investments in order to uncover and contain risk and ordered a sales halt.
CBIRC Probe
According to «Reuters», Ping An said its real estate exposure was significantly lower than the regulatory cap but did not respond to queries on the regulatory probe, though it later released a statement that said it was «strictly following the relevant regulations» and did not comment on market rumors.
In the «Bloomberg» report, Ping An also said it had been strictly following regulations such as reduction of property-related alternative investments at its trust unit, adding that the claim of an investigation on property investment «had no factual basis».
Ping An’s stock fell as much as 8.2 percent following the release of the «Reuters» report.
