Jiedaibao’s Woes Highlight Growing Risks of P2P Lending
(Beijing) — Only 31 years old, Chen Wei has led a colorful life — a soldier in Tibet, a construction worker in Qatar and a sailor on the Atlantic Ocean. Now he’s toiling as a courier in Beijing to earn enough money to sue Renrenxing Technology Co. Ltd., the operator of Jiedaibao, one of China’s most popular peer-to-peer (P2P) online lending platforms, and the borrowers he claims owe him 427,300 yuan ($62,100).
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