China P2P Industry ‘Basically’ a Scam, Billionaire Guo Says
- Chinese regulators this month imposed restrictions on sector
- Guo was commenting at a Fosun post-earnings briefing
Guo Guangchang.
Photographer: Giulia Marchi/BloombergThis article is for subscribers only.
Billionaire Guo Guangchang called China’s peer-to-peer lending industry “basically a scam,” arguing that players in the multi-billion dollar sector, troubled by collapses and frauds, lack the ability to price risk.
Guo was responding to a question at a post-earnings briefing by his conglomerate Fosun International Ltd. in Hong Kong about any P2P investments by the firm.