China’s peer-to-peer lending boom is beginning to turn to bust. Borrowers are defaulting on loans in a sign of how higher rates generated by reduced liquidity are causing stress in the riskiest corners of the country’s financial markets.
Dozens of the P2P lending websites that sprang up in recent years have shut down. The biggest companies are unscathed, but the rapid collapse of smaller rivals highlights the difficulties in the Chinese micro-lending industry as economic growth slows and monetary conditions tighten.
It is a dramatic reversal of fortune for China’s P2P websites, which connect people wanting to invest money with those looking to borrow small amounts.
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