China’s $1 Trillion Wealth Fund to Step Up Soured Asset Sales

China’s $1 trillion sovereign wealth fund is moving to tackle a growing pile of troubled investments such as its stake in embattled commodity trader Noble Group Holdings Ltd., even as the coronavirus pandemic makes any asset sales more difficult.

China Investment Corp. earlier this year set up a special team led by Managing Director Benjamin Bao in its direct investment unit to recoup value and potentially exit billions of dollars in positions that have soured over the years, according to people with knowledge of the matter. Assets being examined mainly consist of energy and mining companies that have recorded chronic losses, said the people, who asked not to be named because they aren’t authorized to discuss internal matters.