China’s peer-to-peer lenders expect their numbers to collapse from more than 1,500 to as few as 50 over the next 12 months, as regulators push through tough reforms while also barring company executives from fleeing the country.
Peer-to-peer lending, the business of connecting private lenders with borrowers online, is a $120bn industry in China and traditionally has been lightly regulated with a high risk and return profile.
But a government crackdown on debt and financial risk has brought a wave of defaults, angering investors and prompting industry executives to flee abroad to escape investigation.
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