Wanda Bonds Jump After Huarong Takes Over Investment JV

(Bloomberg) -- China Huarong Asset Management Co. took over a joint venture with Dalian Wanda Group Co. via capital injection, sending the Chinese property firm’s dollar bonds higher amid its efforts to shore up liquidity.

The state-controlled bad-debt manager injected 1.67 billion yuan ($232 million) worth of debt assets into a vehicle called Wuhan Huadajiuhao Innovation Investment, three months after the entity was set up, according to corporate filings. The joint venture owns a real estate subsidiary that has purchased land parcels in the city of Wuhan, government documents show.