The plan to put China Cinda Asset Management , China Orient Asset Management and China Great Wall Asset Management under the jurisdiction of one of the world's largest sovereign wealth funds by assets will happen "in the near future," Xinhua added, without providing any further details. Beijing's actions follow a stock market rout amid burgeoning financial risks stemming from a debt crisis in its real estate sector. Last week, China's central bank announced its largest cut in mandatory cash reserves for banks since 2021. The property market slumped after Beijing cracked down on developers' high reliance on debt for growth in 2020, weighing on consumer growth and broader growth in the world's second-largest economy. China's real estate troubles are closely intertwined with local government finances since they typically relied on land sales to developers for a significant portion of revenue.

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Persons: Beijing's Organizations: China Investment Corp, Xinhua, Asset Management, China Orient Asset Management, Wall Asset Management Locations: China, Xinhua, Beijing