Chinese authorities have reportedly urged Ping An Insurance Group to take a controlling interest in ailing Country Garden, the country’s largest private property developer.

The State Council, led by Premier Li Qiang, has ordered the local government of Guangdong province to help Ping An save the company.

Ping An’s Hong Kong-listed shares fell 5.4%, wiping $2.1 billion off its market worth, while Country Garden shares rose 12.2%, valuing the company at $3 billion.

A state-engineered rescue by Ping An would be one of the largest government interventions to support the cash-strapped and highly indebted property sector.