(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. 

Wanda didn’t respond to Bloomberg requests for comment. Huarong declined to comment. 

While the capital injection’s size is small, the gesture from Huarong helped boost investor confidence. A Wanda unit’s bond due July 23 jumped nearly 5 cents on the dollar Tuesday to 90 cents, according to Bloomberg-compiled prices, set for the biggest gain in nearly a month. The $400 million note plunged in May to as low as 69 cents, before the group’s bonds rebounded in part on a potential debt buyback.

Wanda has been at the forefront of a debt-repayment storm the past several months. The conglomerate — with operations spanning from hotels to theme parks and cinemas — might have to repurchase about 30 billion yuan of equity if the Hong Kong listing of a mall unit doesn’t happen this year. 

The company has prepared enough cash to repay a $275 million private-debt facility that matures Wednesday, people familiar with the matter said on Tuesday. 

--With assistance from Wei Zhou, Alice Huang and Zheng Li.

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