TEN abnormal P2P loaning websites were found last month in Shenzhen, the Southern Metropolis Daily reported.

Statistics released by P2PEYE.com showed that 10 P2P loaning websites became out of reach or ceased operation last month, and some were involved in fraud cases. As of the end of July, there were 256 P2P websites operating normally in Shenzhen, while the number of abnormal websites in the city had reached 391 over the previous few years.

Data also showed that the trading volume of loaning websites in Shenzhen totaled 33.5 billion yuan (US$5 billion) last month, representing a month-on-month decline of 3.85 percent. The average interest rate of these website’s loans was 10.05 percent, higher than the nationwide average. The average loan term was 6.69 months, shorter than the nationwide average.

Six new P2P loaning websites were launched last month across the country, and three of them are based in Shenzhen. Experts believe that the online loaning business in Shenzhen will continue to grow despite tighter supervision on the industry, according to the report.

(Zhang Yang)