China’s bad loans manager Cinda buys stake in Ant’s consumer credit unit

A Chinese state-owned asset management company said it will spend 6 billion yuan (US$930 million) to buy a 20 per cent equity stake in the consumer credit unit of Ant Group, as part of the expansion of the capital base of a vehicle created this summer to absorb Ant’s lucrative Huabei and Jiebei operations.China Cinda Asset Management, one of the country’s four biggest bad loans managers created in late 1999, had agreed with related parties to get an additional 20 per cent stake in Chongqing Ant…

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