Regional firm for bad loans to be established

The finance office of Jiangsu province is planning to launch the first regional asset management company to deal with non-performing loans, according to a report.

Shanghai Securities News cited an unnamed official from the finance office as saying that the company would help control the increasing ratio of bad loans in Jiangsu province, without elaborating.

He said the asset management company would be launched by a joint organization, or one that was appointed by the finance office.