Ping An boosts stake in Mainland developer

Ping An has increased its stake in top 10 mainland builder China Fortune Land Development (CFLD) to 25.25 percent for 4.2 billion yuan ($626.53 million).

It acquired its first stake in the group in July 2018 for $2.1 billion, which made the firm its second-largest shareholder.

An announcement to the Shanghai Stock Exchange by CFLD on Friday revealed that its largest shareholder, privately-held China Fortune Land Holding Co Ltd, had sold 170 million shares to Ping An Asset Management, a subsidiary of Ping An Insurance Group, for RMB 24.597 ($3.65) per share in a deal worth just over RMB 4.2 billion ($620 million).

After the deal, China Fortune Land Holding Co Ltd and its concerted action person Tripod Capital will hold a total of 36.29 percent of CFLD shares. After