China’s P2P purge leaves millions of victims out in the cold, with losses in the billions, as concerns of social unrest swirl
Karen Kong has not got a restful night’s sleep in the past half a year, after learning that her mother invested all of the family’s savings – more than 1 million yuan – in a little known peer-to-peer lending platform.Worries soon turned into anger and despair as the Beijing-based Jieyue United made its way onto the Chinese government’s liquidation list, and the chance of getting their money back appears to be dwindling.
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