Country Garden sells new shares to Ping An to raise $813 mln

HONG KONG, April 2 (Reuters) - Chinese property developer Country Garden Holdings Company said it sold new shares to a subsidiary of Ping An Insurance Group Co for HK$6.3 billion ($812.59 million). The Guangdong-based company said late on Wednesday that it would issue 2.24 billion new shares - or 9.9 percent of its enlarged shares - at HK$2.816 each, 10 percent lower than its HK$3.13 closing price on Tuesday before it suspended trading. The deal could broaden Country Garden's capital base and raise cash as the Chinese property industry scrambles for cheap funding in a slowing market. "The company is convinced that this partnership will strengthen the group's competitiveness in the property industry, facilitate the development of the market and industry consolidation ... and expand market share," Country Garden said in a statement. Shares of Country Garden will resume trading on Thursday. ($1 = 7.7530 Hong Kong dollars) (Reporting by Clare Jim; Editing by Stephen Coates)