HK Stock Market Move | CHINA CINDA (01359) rose more than 5% in the afternoon. Cinda Real Estate sets up a 20 billion yuan fund to relieve distressed real estate and revitalize the market.

CHINA CINDA (01359) rose more than 5% in the afternoon, with an increase of 5.66% as of the time of writing, reaching HKD 1.12, with a trading volume of HKD 91.0285 million. On the news front, on January 9th, Cinda Real Estate announced that the company, along with CHINA CINDA and Xinshengli Insurance, jointly established a fund to relieve and revitalize the existing assets in the real estate industry. The fund has a total subscription size of RMB 20.01 billion. Cinda Real Estate stated that the fund will mainly invest in relieving troubled enterprises in the real estate industry and revitalizing problematic projects, as well as participate in special investment opportunities such as bankruptcy restructuring and judicial auctions to support project delivery and construction of major projects. In addition, Cinda previously mentioned that the national debt-to-equity swap policy is beneficial for the stability and healthy development of the credit bond market. The company will actively support the relevant national debt-to-equity swap policies, fully leverage the functional role of financial institutions, strengthen collaborative cooperation with its controlling shareholder CHINA CINDA in the non-performing asset business, support local economic and livelihood development, and promote sustainable high-quality economic development.