Feb 21, 2024 05:54 AM

FINANCE

Ping An Real Estate Gets $1.1 Billion Credit Line as Debt Pressure Mounts

By Wang Jing and Han Wei

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Ping An Real Estate is the key vehicle for Ping An Insurance to invest in the real estate sector

Ping An Real Estate is the key vehicle for Ping An Insurance to invest in the real estate sector

Ping An Real Estate Co. Ltd., the property investment arm of Chinese insurance giant Ping An Insurance (Group) Co. Ltd. (601318.SH), is receiving a lifeline from a sister company as more than 8 billion yuan ($1.1 billion) in debt repayments approach.

The board of Ping An Bank Co. Ltd. (000001.SZ), the banking unit of Ping An Insurance, has approved the issue of a one-year credit line of 8 billion yuan to Ping An Real Estate, the bank said in a Monday filing.

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