Closer Look: High-tailing It Out of Ordos
(Beijing) – Lenders in the wealthy Inner Mongolian mining city of Ordos known as "mobile banks" are finding cash streams from local residents that once ran like a rushing river are now drying up.
And now, lenders are thinking of running away.
"Mobile banks" in Ordos typically charge a monthly interest rate of two to five percent. Mrs. Li is one of those "mobile bank" lenders.
"My clients always find me. When I bring in a higher return on an investment, then my reputation spreads and more come to me." However, lenders like Mrs. Li often have little formal knowledge or experience in investment.
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