A bank teller counts Chinese 100 yuan banknotes at a branch of a foreign bank in Beijing. Photo: Reuters

A 71-year-old victim’s tale reveals extent of greed in China’s US$30 billion peer-to-peer lending fiasco

  • About 6,000 peer-to-peer lending companies have defaulted on payments, absconded with cash or gone out of business as of the end of September
  • China has lately taken harsher measures to tackle the P2P industry that is rife with fraud and mismanagement
Topic |   Peer-2-Peer

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A bank teller counts Chinese 100 yuan banknotes at a branch of a foreign bank in Beijing. Photo: Reuters
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Daniel Ren

Daniel Ren

Daniel Ren is the SCMP's Shanghai bureau chief. A Shanghai native, Daniel joined the SCMP in 2007 as a Business reporter.