A wave of defaults is sweeping across China’s Rmb1.3tn ($190bn) peer-to-peer lending industry, causing investors to withdraw funds and platforms to collapse, the latest casualties of Beijing’s broader crackdown on debt and financial risk.
About 150 online lending platforms have suffered “problems” since the beginning of June this year, compared with 217 such cases in all of 2017, according to Online Lending House, a research group that tracks the industry.
The group defines “problems” as investors being unable to withdraw money, police investigating a platform, or owners running away.
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