P2P lending rise to a new high in May

By Leng Cheng | June 1, 2015, Monday |

Online Edition

CHINA'S peer-to-peer lending platforms posted a record-high trading volume of 60.9 billion yuan (US$9.8 billion) in May, according to data compiled by Online Lending House, a web portal that tracks the sector.

The trading volume added 10.6 percent from April, or nearly 2.7 times from a year earlier.

"The market felt optimistic about the financial innovation after several P2P platforms announced to be acquired by listed companies last month," told Ma Jun, chief research officer at Shanghai Ying Can Investment Management Consulting Co.

Online Lending House estimated the yearly trading volume of P2P industry to surpass 800 billion yuan in 2015.

Peer-to-peer lending, that allow individuals to borrow money from other individuals without going through banking system, is booming in China. Borrowers can get easier access to loans and lenders get higher interest.

A tighter scrutiny is to be carried out by the government in June and some small platforms are seeking shut-downs of their business before the regulation.

The number of platforms with problem rose to 59 in May from 52 a month earlier, with nearly 62 percent of them collapse in a sudden, leaving investors loosing money. Ma said scams needed to be warned especially when rules are yet to take effect.

Business Finance

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P2P lending rise to a new high in May

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