(Yicai Global) Sept. 14 -- Chinese real estate developer, Country Garden Holdings Co. [HKG:2007], denied rumors suggesting it is bidding for Hong Kong-based wealth management service of AXA SA [EPA:CS], an international insurance giant in France.

AXA plans to sell the said service to concentrate on other businesses in Asia, which grow faster. There are more than 20 bidders, mostly from China, including Country Garden and China Pacific Insurance (Group) Co. [SHA:601601], Reuters news agency reported today.

The estimated value of AXA Wealth Management (Hong Kong) Ltd. is about USD500 million. It mainly provides deposit and investment insurance products. Any prospective buyer can directly enter the insurance market in Hong Kong without applying for license, Reuters said.

A spokesperson for Country Garden said the company did not participate in the bidding. However, neither AXA nor China Pacific Insurance has made any comment yet.