While China’s state-owned banks plot debt-for-equity swaps to cut bad loans, one troubled peer-to-peer lender has brewed up a more novel plan: repaying its investors in baijiu, the popular Chinese liquor.
Chinatou.com said last week that it was no longer able to return cash to investors following the arrest of its chairman. Instead, it pledged to pay them in baijiu produced by a connected company in order “to minimise the loss to investors”.
The company, which is based in eastern Anhui province, owed Rmb230m ($35m) to 1,850 investors as of the middle of last month, according to Caixin, a respected Chinese business magazine.
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