Shares in Ping An Insurance fell on Friday as concerns mounted over contagion from a crisis surrounding real estate developer China Evergrande, forcing the country’s biggest insurer to issue a statement saying it had no exposure to the property group.
Ping An shares closed down 3 per cent in Hong Kong, with prices earlier slumping more than 8 per cent as trading volumes soared.
The price drop came as concerns grew that a liquidity crisis at Evergrande, the world’s most indebted property developer with almost Rmb2tn of liabilities, could ripple across China’s real estate sector and financial system.
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