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Stake sale to Ping An to help Country Garden cut costs

GLOOMY: Developers have brought in equity investors as property curbs and high inventories weighed on home prices in China.

Hong Kong

COUNTRY Garden Holdings will sell a 9.9 per cent stake to Ping An Insurance Group as Chinese developers struggle to navigate a slumping property market.

Ping An, China's second-biggest insurer, will pay about HK$6.3 billion (S$1.1 billion), helping Country Garden fund