Struggling P2P Lender Offers to Pay Investors with Baijiu

(Beijing) – A peer-to-peer lending website experiencing a liquidity crunch said it will settle all of its payment obligations to investors with bottles of an expensive Chinese liquor called Baijiu.

Police in the eastern province of Anhui detained Zhou Qinde, executive director and general manager of the P2P lending platform Chinatou.com, on June 1 after some investors complained about this unorthodox payment arrangement, the lender said in a statement on June 6.