Ping An Isn’t About to Rescue Country Garden

(Bloomberg) — Ping An Insurance (Group) Co. doesn’t own any shares in Country Garden Holdings Co. and has no plans to acquire the distressed Chinese developer, the company disclosed Wednesday in a Shanghai Stock Exchange filing.

The insurer said it hasn’t received any suggestions or requests from any government agency to take over Country Garden, disputing a Reuters report that China’s State Council instructed the government of Guangdong province to ask Ping An to take a controlling stake in the developer.