June 16, 2014 / 1:51 AM / in 4 years

CORRECTED-China Cinda and Huarong commit to Yida China Hong Kong IPO - term sheet

(Corrects company description in first paragraph)

HONG KONG, June 16 (Reuters) - Two of China’s biggest bad debt management companies committed a combined $70 million to the Hong Kong offering of real estate developer Yida China Holdings Limited, according to a term sheet of the deal seen by Reuters on Monday.

China Cinda Asset Management Co and China Huarong Asset Management Co will invest $40 million and $30 million respectively in the deal, which is set to raise $172-$217 million.

The deal is set to price on June 20. Citi, Deutsche Bank and Morgan Stanley are joint global coordinators on the deal, according to the term sheet. (Reporting By Lawrence White; Editing by Stephen Coates)

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