China property giant opening small loan company in Lujiazui
Dalian Wanda Group, a property and entertainment conglomerate, announced the opening of a small loan company in the Lujiazui Financial Area of Shanghai's Pudong New District, Pudong Times reported on March 2, stating that it would make the 25th of its kind.
The new Wanda Small Loan Co., Ltd has 20 million yuan ($3 million) in registered capital and three shareholders – Dalian Wanda Group, Shanghai Wanda Internet Finance Co., Ltd and Dalian Wanda Commercial Properties Co., Ltd – and says it will focus on online micro-credit and expects to start its business at Wanda business centers, lending to merchants in desperate need of a loan, and then gradually covers the entire Wanda business system.
To reduce lending risks, the company says it has developed a cloud POS system for tracking merchants at Wanda business centers to help it keep a record of the business of would-be borrowers' cash flow. In this way, any merchant who uses the system for at least one year can apply for a loan if they have a promising record and the data supports it.
At the same time, the Bank of Communications Shanghai branch has announced plans to open a small loan company in Pudong sometime this year, because of the district's status as a financial hub, since it had a total of 7,600 financial institutions and more than 2,000 financial service providers by the end of 2015.
The new Wanda Small Loan Co., Ltd has 20 million yuan ($3 million) in registered capital and three shareholders – Dalian Wanda Group, Shanghai Wanda Internet Finance Co., Ltd and Dalian Wanda Commercial Properties Co., Ltd – and says it will focus on online micro-credit and expects to start its business at Wanda business centers, lending to merchants in desperate need of a loan, and then gradually covers the entire Wanda business system.
To reduce lending risks, the company says it has developed a cloud POS system for tracking merchants at Wanda business centers to help it keep a record of the business of would-be borrowers' cash flow. In this way, any merchant who uses the system for at least one year can apply for a loan if they have a promising record and the data supports it.
At the same time, the Bank of Communications Shanghai branch has announced plans to open a small loan company in Pudong sometime this year, because of the district's status as a financial hub, since it had a total of 7,600 financial institutions and more than 2,000 financial service providers by the end of 2015.