China probing Ping An Insurance’s property market investments: report

The insurer disclosed $8.4b exposure to China Fortune Land Development in February.

The China Banking and Insurance Regulatory Commission is reportedly probing Ping An Insurance Group’s investments in the property market, Reuters reported based on sources. 

China’s regulator has reportedly asked Ping An, the country’s biggest insurer by assets, to stop selling alternative investment products typically tied to the property market, the people said.

The move comes after Ping An in February disclosed $8.4b (CN¥54b) exposure to the indebted China Fortune Land Development.

The insurer made adjustments to its earnings figures, including booking impairment provisions of CN¥35.9b for investments related to China Fortune in the first half of 2021, which contributed to a 15.5% fall in its net profit in the January to June period.

Here’s more from Reuters.