When China’s peer-to-peer lending bubble burst in the middle of last year, hopes remained that the industry would survive after a period of consolidation.
Those hopes now appear dashed.
China’s online lending crisis reached a new peak this week after Lufax, the country’s largest P2P lending platform, announced it will scale back the business amid tight scrutiny by financial regulators.
The announcement has left the industry shocked and dismayed because Lufax is seen as the Goliath that would never fall. As of the end of June, its outstanding P2P loans stood at Rmb98.4 billion $14.3 billion, casting shade on many of...
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