China

CHINA PRESS: A total of 17 peer-to-peer (P2P) online lending platforms have stopped providing loans for the downpayment on home purchases after central bank governors said at the weekend such practices were prohibited, the 21st Century Business Herald says in a report, citing data from Chinese consulting company, Yingcan. Providing loans to pay for property downpayments are the main business for 20 such P2P lenders, according to Yingcan data. Home buyers who use such loans usually don’t have good loan credentials, and a ban as such could help avoid potential financial risks associated with them, the company said. (21st Century Business Herald)