AsianFin -- Nearly seven months after the announcement, China’s Ministry of Finance (MOF) has completed the transfer of ownership of the country’s three largest state-owned bad debt managers to a subsidiary of the sovereign wealth fund China Investment Corporation (CIC).

On September 4, China Cinda Asset Management confirmed that the MOF had transferred its entire 58% stake in the company to Central Huijin Investment, a CIC subsidiary.

Earlier, the MOF had similarly transferred its entire stakes in the other two major bad debt managers: a 71.6% stake in China Orient Asset Management and a 73.5% stake in China Great Wall Asset Management, announced in April and June, respectively, to Central Huijin.

According to Xinhua Finance News, as early as January last year, China had signaled its intention to consolidate three of its four so-called “bad banks” under CIC. The fourth institution, China Huarong Asset Management, had previously become a subsidiary of the state-owned conglomerate Citic Group and was renamed China Citic Financial Asset Management.