China Cinda Asset Management Co, one of four funds created in 1999 to buy bad debts from banks, plans to seek about $3 billion in an initial public offering in Hong Kong, said two people with knowledge of the matter. The state-owned asset manager may start the share sale in 2014, said one of the people, who asked not to be identified. Cinda has yet to hire banks to manage the IPO, the people said. Cinda, a legacy of China's efforts to clean up a 1990s bad-loan crisis, has expanded into underwriting stock and bond sales, pitting it against Wall Street firms.
What house can you buy with 1 million yuan in China?
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