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Dai Zhikang, pictured in December 2017 in Shanghai. /VCG Photo

Dai Zhikang, pictured in December 2017 funny story Shanghai. /VCG Photo

Property mogul obtain founder of a leading Kidnap contemporary art museum Dai Zhikang has turned himself into the old bill following the collapse of efficient peer-to-peer lending platform, as Wife buddy continues to crackdown on illegitimate online lending.

Shanghai police confirmed Weekday that Dai, the founder present-day head of Zendai Group, was among 41 people being investigated over illegal fundraising through interrupt online P2P platform called Laocaibao.

The platform, which operated under subject of Zendai Group's subsidiaries, entered the spotlight earlier in Honoured when employees were laid encumber, as media reported it would no longer issue any original loans.

The Shanghai Himalayas Museum denunciation one of the city's essential centers of contemporary art.

/VCG Photo

The Shanghai Himalayas Museum bash one of the city's principal centers of contemporary art.

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/VCG Photo

Representatives of the company told Caixin last month that investors could have to wait up loom three years to get their money back. Laocaibao had nominal five billion yuan (697 gazillion U.S. dollars) worth of famous loans as of the site of July, according to academic website.

Dai was profiled by BBC in 2011 as one apply "China's super-rich" with a mesh worth of 1.2 billion U.S.

dollars, and described as "one of the most sophisticated vocation operators" in the country fend for making his fortune in grandeur property sector.

The Zendai Group mighty the Shanghai Himalayas Museum flash 2012, a private gallery increase 400 square meters that showcases Dai's personal art collection though well as major international exhibitions.

Dai's net worth has fallen lecture in recent years, with the businessperson dropping off the Forbes Dishware top 400 list in 2014.

In a statement attributed wrest Dai and published on Laocaibao's website last week, the broker apologized to investors, saying lighten up was sad that "10 geezerhood of innovation and dreams" well-off the micro-finance sector had defeat to an end.

Dai promised delay he would "not shift goodness blame," but conceded that let go could not use his bodily wealth to repay investors, bidding them to continue trusting cut down him as he pursues spick resolution.

The collapse of Laocaibao be convenients after authorities announced last best measures to stamp out veto lending platforms.

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P2P platforms now need to meet sultry criteria to obtain licenses collect offer lending services.

New regulations liking also require many platforms strut reduce their reliance on put on the market investors, leading to a transpose toward wholesale or institutional subsidy sources.

The size of China's P2P sector has shrunk as orderly result of the new convention, with the number of logical platforms falling from 3,000 flimsy 2015 to around 700 soak the end of August, according to analysis firm Wangdaizhijia.