By Yifan WangShares of China Evergrande Group soared on Monday after it appointed an executive at the state-owned China Cinda Asset Management Co. to its board, a sign that the struggling developer is making some progress toward resolving its liquidity crisis. The Hong Kong-listed stock gained as much as 13% within a few hours of trading, and was last up 5.6% at HK$1.89. Evergrande on Sunday said it had appointed Liang Senlin, who is the chairman of China Cinda's Hong Kong unit, as a non-executive director. A Hong Kong-based analyst said the appointment could be a signal that the Chinese real estate giant is close to securing investment from China Cinda, one of the country's largest bad-debt managers. The analyst noted that Beijing's earlier bailout of bad loan buyer China Huarong Asset Management Co. was also preceded by the appointment of a former China Cinda executive.

Source: Wall Street Journal January 24, 2022 05:25 UTC