JD.com Launches P2P Online Lending Products
E-commerce giant JD.com has become the first Chinese tech tycoon to launch peer-to-peer online lending products.
"Hefeng online lending" or literally "Hefeng Wangdai", a platform providing information service on P2P online lending under JD.com, sold out all the products within seconds after it started operation on Sunday.
This made JD the first BATJ or Baidu, Alibaba, Tencent and JD, to enter peer-to-peer online lending market.
The P2P online lending platform provide one-month, three-month, six-month and 12-month products with 5 percent, 5.5 percent, 6 percent and 6.5 percent annual return rates.
The lending benchmark was 1,000 yuan ($144.96) and almost all the borrowed money was expected to be used for daily consumption.
Peer-to-peer online lending has experienced serious c...