(Reuters) - Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation's biggest private property developer, sources said.
A state-engineered rescue of Country Garden by Ping An would be one of the most significant interventions to date by authorities to support the cash-squeezed and highly indebted property sector, which accounts for one-quarter of China's economic activity and has sparked fears of a broader financial crisis.
The following is a timeline of key measures authorities have taken this year.
Nov. 8 - Central bank Governor Pan Gongsheng said he would encourage financial institutions to keep bond and credit financing channels open to help address real estate sector weakness.
Nov. 7 - Shenzhen's state asset regulator and state-owned Shenzhen Metro pledged support for China Vanke with Shenzhen Metro saying it has prepared more than 10 billion yuan ($1.4 billion) worth of "market tools" to help with cashflow. Both are key shareholders in the developer.
Oct. 31 - China vowed to satisfy all reasonable financing needs of developers, regardless of whether they are private or state-owned firms. The statement was made at the Central Financial Work Conference, a twice-a-decade policy meeting.
Sept. 14 - China's central bank said it would cut the amount of cash that banks must hold as reserves for the second time this year to boost liquidity.
Sept 1. - China is set to take further action, sources said. Proposed measures include lifting home-purchasing curbs in non-core districts of major cities such as Beijing, Shanghai and Shenzhen and gradually removing price caps on new homes, they said.
Aug. 31 - China's central bank and financial regulator ease some borrowing rules for homebuyers, including lowering existing mortgage rates for first-home buyers and the down payment ratio in some cities.
Aug. 30-Sept. 1 - Major Chinese cities say they will allow people to take preferential loans for first-home purchases regardless of their credit record.
Aug. 25 - Local governments are permitted to scrap a mortgage rule so that people who have bought a home but then sold it having repaid their mortgage, can get preferential loans as first-time homebuyers, according to state media Xinhua.
Aug. 25 - China's cabinet approved guidelines for the planning and construction of affordable housing.
Aug. 21 - China cut its one-year benchmark lending rate.
July 24 - China's top leaders held a Politburo meeting and omitted the phrase "housing for living, not for speculation" in the official readout.
July 21 - The cabinet approved guidelines on transforming "urban villages" or underdeveloped areas in megacities, which will help underpin property investment.
July 10 - China's central bank extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector.
June 20- China's central bank cut its key lending benchmarks, or loan prime rates (LPRs), for the first time in 10 months.