China to ‘Merge’ Bad-Debt Managers Into CIC, Xinhua Says (2)

China plans to “merge” three of its biggest bad debt managers into China Investment Corp., the country’s $1.24 trillion sovereign wealth fund, Xinhua News Agency reported, citing unidentified people.

The extent of the transfer of China Cinda Asset Management Co., China Orient Asset Management Co. and China Great Wall Asset Management Co. wasn’t clear in the report. The move is being taken as part of China’s plan to reform institutions, Xinhua said in a short article on Sunday without providing additional details.

Bloomberg News reported in May last year that China was considering transferring the state’s stakes in ...