Ping An Insurance to Sell Longfor Shares at USD36mn

Ping An Insurance (Group) Company of China, Ltd. (Ping An, SHSE: 601318, and SEHK: 2318), the second largest insurance firm in the nation by premium, is planning to sell shares in real estate developer Longfor (SEHK: 0960) to finance a total of HKD 291.4 million or about USD 36 million at most.

According to an overseas report, the insurance giant intends to sell a total of 32.89 million shares in the real estate developer at a price ranging from HKD 8.59 a share to HKD 8.86 a share, a discount of 0.5% to 3.5% of HKD 8.9 a share of the closing price of the developer on August 3.

The Hong Kong-listed developer, headquartered in Chongqing Municipality, Southwest China, went public on the Stock Exchange of Hong Kong on November 19, 2009. The issuance price was HKD 7.07 a share. According to its initial prospectus, the insurance giant subscribed a total of USD 30 million shares in the developer.