New World's chairman owns 12 pct Ping An -paper

HONG KONG, May 5 (Reuters) - Tycoon Cheng Yutung, chairman of New World Development (0017.HK: Quote, Profile, Research, Stock Buzz), is the second-largest shareholder of China's second-largest insurer, Ping An Insurance (2318.HK: Quote, Profile, Research, Stock Buzz)(601318.SS: Quote, Profile, Research, Stock Buzz), holding 12 percent, a Hong Kong newspaper reported on Monday.

An investigation by the Ming Pao newspaper showed the Cheng family holds an aggregate 870 million A shares of Ping An Insurance through eight mainland incorporated companies.

The paper said the stock was currently worth HK$67 billion, noting that Cheng could sell the stock anytime because the lock-up period for the shares expired in March. It gave no details about whether Cheng planned to sell shares.

Ping An A-shares fell 0.9 percent at 68.35 yuan in Monday morning trade, while its Hong Kong-listed H-shares fell 0.59 percent at HK$75.85. (US$1=HK$7.8=6.987 yuan) (Reporting by Donny Kwok; editing by Ken Wills)