China's HNA Group sets up $2.9 bln buyout fund with China Cinda

HONG KONG, March 24 (Reuters) - Chinese conglomerate HNA

Group and China Cinda Asset Management 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.

($1 = 6.8840 Chinese yuan renminbi)

(Reporting by Julie Zhu; editing by Susan Thomas)