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August 27, 2016

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SOE eyes investment in P2P site

A Chinese state-owned enterprise said yesterday it will invest in an online lending platform after regulators unveiled restrictions to regulate the market.

China-reform Commercial & Industrial Development Group, an SOE engeged in real estate and mineral resources development, signed a strategic investment agreement with peer-to-peer lending platform, which provides financing for automobile purchases.

P2P lending, which refers to lending not from a traditional financial institution such as a bank, has grown quickly in China in past years as investors seek higher returns while small businesses and individuals find it easier to secure funds online.

More SOEs have invested in P2P lending platforms as they bank on their growth potential.


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