P2P sites hit another lending record
Print Edition
China’s peer-to-peer lending platforms transacted at another record 115.2 billion yuan (US$18.1 billion) in September amid a quicker consolidation in the booming sector, according to a survey released yesterday.
The monthly transactions rose 4.4 times from a year earlier, lifting the sector’s total value to 978.7 billion yuan so far this year, according to Online Lending House, a web portal that tracks the sector.
“With mergers and acquisitions speeding up among lending platforms amid new rules and regulatory support for the sector, investor sentiment will remain high for another two or three months,” said Ma Jun, chief research officer at Shanghai Ying Can Investment Management Consulting Co.
The P2P websites are estimated to transact over 1 trillion yuan annually this year on growing demand to raise funds, Online Lending House said.
New rules unveiled by the People’s Bank of China on July 18 will likely lead to the biggest reshuffle in the Chinese P2P industry in the second half of 2015. The rules require online sites to serve only as intermediaries between lenders and borrowers and ban them from “enhancing borrower creditworthiness” by raising funds of their own to lend.
At least three lending platforms confirmed fundraising or acquisitions worth 100 million yuan in September before the tighter rules were unveiled.
At least six P2P platforms in Shenzhen were raided by authorities last month.
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