Ping An Asset Management offloaded shares in Country Garden last Friday, cut stake to 4.99%

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China’s Ping An Asset Management offloaded 14.094 million shares in Country Garden at an average price of HK$0.98 per share last Friday, August 11th, cashing out $13.8121 million, according to a filing to the Hong Kong Stock Exchange. 

That reduced its stake in the developer from 5.04% to 4.99%, showed the filing. 

As Ping An Asset Management’s stake in Country Garden is below the disclosure threshold of 5%, the company will not be required to disclose any further reduction in shareholding.