China's P2P online lenders owe over $115b to investors

They have also dropped to just 29 across the country.

China’s peer-to-peer (P2P) online lending platforms owe more than $115b (CNY800b) to investors, reports Reuters.

Their number has also shrunk to just 29 across the country, China Banking and Insurance Regulatory Commission (CBIRC) chair Guo Shuqing said.

“As long as there is a slim chance of hope, we will work with police and other departments to chase the money back,” he added.

A regulatory crackdown amidst a deleveraging campaign on risky investments led to a collapse of the sector that had thrived in previous years by attracting retail investors with higher-than-usual returns.

Here’s more from Reuters.