RiseSun Real Estate Development (SHE:002146) entered into a debt restructuring agreement with China Cinda Asset Management (HKG:1359) to help lessen its debt, according to a Shenzhen bourse filing on Tuesday.
Under the deal, China Cinda will waive the remaining 2 billion yuan debt if the company's subsidiary, Langfang Rongtushengzhan Enterprise Management, or a third party, repays 1.05 billion yuan to the asset manager on time, including the 350 million yuan offset through the transfer of physical assets.
The Chinese real estate company's shares fell less than 3%, while Cinda's shares dropped over 2% at the close.