Money pit
HOME > PAST ISSUE > REPORTS [Premium content]November 2007
Potentially dangerous for borrowers, underground loans may be hurting local economies
Imagine yourself living in Beijing and watching the stock market rise and rise. You want to invest but don’t have enough money.
In the last year, banks have come under pressure not to lend money for stock market investments, while your friends are unwilling to risk their savings for your benefit. The only answer may be Lao Huang.
Huang has built up a thriving business providing underground loans in Beijing. He works on referral basis only, so you’d have ...
In the last year, banks have come under pressure not to lend money for stock market investments, while your friends are unwilling to risk their savings for your benefit. The only answer may be Lao Huang.
Huang has built up a thriving business providing underground loans in Beijing. He works on referral basis only, so you’d have ...
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