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China clamps down on shadow banking for home downpayments

Total P2P borrowing for home deposits reaches 924 million yuan in January

Published Wed, Mar 16, 2016 · 09:50 PM
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Beijing

WHEN Fu Songtao found his ideal home in the suburbs of Shanghai, he faced the typical problem of would-be homebuyers: Coming up with enough cash for a downpayment. So Mr Fu turned to an online solution. His property agent offered him a zero-interest loan, funded entirely online by peer-to-peer (P2P) lenders, that covered almost half his deposit.

"Everybody I…

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