China Looks Into Setting Up Debt Managers to Handle P2P Loans

China’s banking regulator is looking at potentially setting up regional bad-debt managers to deal with the collapse of the significant amount of failed peer to peer lending platforms; according to Bloomberg, companies in Shanghai, Zhejiang and Shenzhen have submitted applications to set up local asset managers dealing with bad loans; however the China Banking and Insurance Regulatory Commission has not approved any applications; the once booming sector included over 2,000 platforms and almost 50 million investors; it is estimated that there is $150 billion in outstanding debt. Bloomberg

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