China Cinda Asset Management Corp, one of four companies set up in the late 1990s to manage China's bad loans, has filed an application with the Hong Kong Stock Exchange for a proposed $2 billion initial public offering (IPO), IFR reported Monday.

The deal is expected to be launched at the end of the year, IFR reported, citing two sources familiar with the matter. IFR is a Thomson Reuters publication.

Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs and UBS had formally began working on Cinda's listing, IFR reported in June. The four are expected to play senior roles on the float, likely as sponsors, and more banks are expected to be added.