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China’s HNA Group sets up $2.9 billion buyout fund with China Cinda: Reuters

Chinese conglomerate HNA Group [HNAIRC.UL] and China Cinda Asset Management (1359.HK) have signed a strategic agreement to set up an industry buyout fund worth at least 20 billion yuan ($2.91 billion), HNA said in a statement on Friday.

The fund falls in line with Beijing’s “go global” strategy, and the two companies will team up in areas such as outbound acquisitions and financial leasing, HNA said.