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China’s debt collection firms flourishing as coronavirus batters economy

Summary:
[unable to retrieve full-text content]It is not a good sign for any economy when debt collectors are booming and in China right now, the industry is on a hiring spree.Whole Scene Asset Management, a debt recovery firm based in the central province of Hunan, plans to double staff numbers to 400 this year as it expands into new cities.“Debt collection companies have been mushrooming,” company founder Zhang Haiyan said. “And with bad loans growing this year, everyone is adding new hands.”Rival Bricsman is also hiring, hoping to boost…

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[unable to retrieve full-text content]
It is not a good sign for any economy when debt collectors are booming and in China right now, the industry is on a hiring spree.Whole Scene Asset Management, a debt recovery firm based in the central province of Hunan, plans to double staff numbers to 400 this year as it expands into new cities.“Debt collection companies have been mushrooming,” company founder Zhang Haiyan said. “And with bad loans growing this year, everyone is adding new hands.”Rival Bricsman is also hiring, hoping to boost…
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