China's official Xinhua News Agency reported Sunday that the country plans to merge three of its biggest state-owned managers of bad debts into China Investment Corp. (CIC).
- China Cinda Asset Management Co.,
- China Orient Asset Management Co.
- China Great Wall Asset Management Co.
Xinhua cited unnamed sources.
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CIC is China's US$1.24 trillion sovereign wealth fund
CIC was originally created to oversee investment of a portion of China’s foreign currency reserves
A unit of CIC, Central Huijin Investment Ltd., has been the primary vehicle for holding the Chinese Communist Party state’s stake in many of the country’s largest financial institutions.
