Lianyungang banks face ship financing crisis

Shanghai: Banks in Lianyungang of Jiangsu are facing a crisis with huge amounts of shipping loan unable to be repaid, Shanghai People’s High Court said in a statement.

The court said it has been handling a large number of loan default disputes between local banks in Lianyungang and their clients. One of the banks, China Construction Bank (Lianyungang) has loan default disputes on up to 27 ships. The bank is now ready to file charges and apply for ship detentions. [09/04/14]

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