Wenzhou City Assigns 100 Judges to Resolve Bad Loans, News Says
This article is for subscribers only.
Wenzhou, the eastern Chinese city hit hardest by the collapse of private lending last year, will assign about 100 judges to clear up mounting bad loans at its lenders, the China News Service said.
The judges will work with 50 to 100 financial institutions starting next month to deal with soured assets in the city’s banking system, the state news agency reported yesterday, citing unidentified court officials. Wenzhou’s non-performing loans have soared to 23.86 billion yuan ($3.8 billion), from 8.6 billion yuan in 2011, according to the news agency.