parent of china p2p lender raises 130m
Last Updated : GMT 10:30:04
Arab Today, arab today
Arab Today, arab today

Parent of China P2P lender raises $130m

Arab Today, arab today

Arab Today, arab today Parent of China P2P lender raises $130m

Beijing - XINHUA

Beijing Renren Youxin Investment Co. Ltd., which runs the leading peer-to-peer (P2P) lender Renrendai.com, on Thursday said it has raised 130 million U.S. dollars from the first round of financing. The investment was made late last year by a group of investors led by TBP Capital, a private equity firm with funds from foreign investors that targets Chinese companies, Zhang Shishi, who helped found Renren Youxin, told a press briefing. This was the largest single investment for the P2P lending industry, Zhang said. The fund will be used to cultivate talent and optimize products, to boost risk management and to make strategic mergers and acquisitions at a proper time, Zhang said. The investment, following similar capital injections into several other major P2P lenders, is a clear indication of the growing interest by venture capital and private equity firms in the burgeoning P2P lending industry. Li Shujun, a partner of TBP Capital, said he believed that the robust growth of Internet finance is a major trend with rises in household incomes and more allowed lending channels. Renrendai.com, which was established in 2010, has extended 2 billion yuan (330 million U.S. dollars) of loans over the past years, with only 0.6 percent of all overdue. Increasingly more P2P lenders, however, face operation problems, putting the investors' money at risk and prompting calls for tougher regulatory supervision. According to "Wangdaizhijia" (home of online lending), a Chinese P2P lending portal, 74 P2P lenders went bankrupt or encountered capital chain problems last year. The number of P2P lenders in China was expected to exceed 800 with a yearly turnover of 100 billion yuan by the end of 2013, according to Xu Hongwei, a senior executive of Wangdaizhijia. Competition among P2P lending firms push the lending rates up by up to 20 percent. Some firms even offer a 48 percent annual return to woo investors which increased the default risks for borrowers, said Xu. P2P lending is the practice of lending money to unrelated individuals and small businesses without going through a bank. This lending takes place online on P2P websites with an average yearly interest rate of 15 to 20 percent, more than twice China's official benchmark. As individuals and small companies have difficulty getting credit from banks, P2P lending with simplified credit checks offers an easier alternative. It also offers a good investment channel for the middle class as they can normally get three or four times the return on bank deposits.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

parent of china p2p lender raises 130m parent of china p2p lender raises 130m

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

parent of china p2p lender raises 130m parent of china p2p lender raises 130m

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday