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Ping An Insurance faces $8 bln exposure in indebted China Fortune Land

BEIJING, Feb 4 (Reuters) - Ping An Insurance Group Co of China said it has a total exposure of 54 billion yuan ($8.4 billion) in indebted China Fortune Land Development Co.

Xie Yonglin, Co-CEO of the biggest insurer in China, told an earnings conference on Thursday that the company was now leading a creditor committee handling the debts in China Fortune Land.

China Fortune Land said in a statement on Monday it had missed payment of principal and interest totalling $813 million.

$1 = 6.4582 Chinese yuan renminbi Reporting by Zhang Yan,Kevin Huang and Ryan Woo; Editing by Jacqueline Wong

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