Ping An Insurance faces $8 billion exposure in indebted China Fortune Land By Reuters

February 4, 2021 admin Stock News 0

© Reuters. The company logo of Ping An Insurance is seen in Beijing

BEIJING (Reuters) – Ping An Insurance Group Co of China said it has a total exposure of 54 billion yuan ($8.4 billion) in indebted China Fortune Land Development Co.

Xie Yonglin, Co-CEO of the biggest insurer in China, told an earnings conference on Thursday that the company was now leading a creditor committee handling the debts in China Fortune Land.

China Fortune Land said in a statement on Monday it had missed payment of principal and interest totalling $813 million.

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