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Thursday September 7, 2017

At a Glance

Offi cial expelledHE XUEWEN, a former director with the Shenzhen-Shanwei Special Cooperation Area Administration Com-mittee, was expelled from the Party and removed from his post over alleged serious Party disciplinary violations, Shenzhen’s Party disciplin-ary inspection commission announced on its offi cial website.

An investigation showed He violated Party rules to hide personal assets, took cash gifts, engaged in profi t-making activities and abused his power to take bribes during his tenure as a Bao’an District offi cial, head of the Shenzhen Branch of the China Council for Promotion of International Trade and director of the cooperation area. He’s illicit income has been confi scated.Fugitive caughtA MAN surnamed He who had been on the run for 17 years after allegedly killing an 11-year-old girl in Huangshan City, Anhui Province, has been arrested by Shenzhen railway police.

He was caught Friday when he got off a train at Guangzhou South Railway Station.

The 51-year-old native of Hunan had been wanted for allegedly killing and raping the girl.

The investigation showed that He was drunk and play-ing with a mobile phone while hitchhiking on the roadside in 2000 when a girl approached and asked to use his mobile phone for a while. Later, He was offered a ride in a truck and wanted to leave, but the girl didn’t want to give back his phone and turned to run away. He chased the girl onto some farmland and choked her until she was unconscious. After retrieving his phone, he raped the girl and began his fugitive life after he realized that the girl might have died.

He escaped to Guangdong and lived his life cautiously.FTA developmentTHE number of registered Hong Kong enterprises in Qianhai-Shekou Free Trade Area has reached 4,654 with registered capital of 420 bil-lion yuan (US$64.24 billion), according to a report released by Qianhai administration bureau. Some top 100 Hong Kong enterprises, including HSBC and The Bank of East Asia, started their businesses in Qianhai. The E-Hub, an incubation platform jointly built by Qianhai administra-tion bureau, Shenzhen Feder-ation of Young Entrepreneurs and Hong Kong Federation of Youth Groups, has incubated 106 startups for Hong Kong youths. Among them, Delight Power Products Ltd. has received 100 million yuan in fi nancing.

FOLLOWING tightened supervi-sion by regulators, fi ve peer-to-peer (P2P) lending platforms in Shenzhen suspended operation in August, sznew.com reported.

Both P2P lending transac-tion volume and loan balance declined in August compared with July, though the average rate of return on P2P lending platforms saw a minor increase and the average term of borrow-ing was slightly longer.

The average rate of return on Shenzhen’s P2P platforms was 9.29 percent, up 0.21 per-cent from the previous month. The average term of borrow-ing according to the standard released by Shenzhen’s P2P lend-ing platforms was 6.47 months, 0.21 month longer than that of July, according to statistics from Rong360.com, a search plat-

form offering fi nancial services.However, the average rate of

return on Shenzhen’s P2P lending industry is lower than the national level, and the average term of bor-rowing is also shorter.

It is worth noting that two platforms have obtained A-round venture capital fi nancing, namely, www.msyidai.com and ccfax.cn. The former received 400 million yuan (US$61 million) in fi nanc-ing from China Fellow Partners, while the latter won the fi nancing of China Asset Management Co. Ltd., but the exact amount of the fi nancing has not yet been pub-licly disclosed.

Insiders from the banking industry said that fl exibility and rate of return are the major advan-tages of P2P compared with tra-ditional fi nancial institutions like banks. In the face of fi erce com-

petition, small and medium-sized banks began to seek cooperation with P2P lending platforms and sold the platforms’ products at their direct banks.

Instances of small and medium-sized banks offering fund depository business to P2P platforms are also steadily progressing. There are 1,245 P2P lending institutions that have direct fund depository business with banks, among which 574 are in operation.

As an important part of the Internet fi nancial industry, the development of P2P has expe-rienced wild and chaotic growth in recent years. The supervision of P2P lending platforms has tightened since May this year. Tougher rules and regulations have been issued to crack down on illegal fi nancing and the estab-

lished platforms have been forced to straighten out their business.

In such a strict regulatory environment, the transaction volume of Shenzhen’s P2P lend-ing platforms in August declined to 36.847 billion, a 7.93-percent drop from previous month. By the end of August, the loan bal-ance of Shenzhen’s P2P lending platforms was 122.263 billion yuan, reduced by 7.69 percent compared to July.

At the end of August, a cumula-tive 278 platforms were operating normally in Shenzhen. Addition-ally, Shenzhen-based Hongling Capital, one of the largest P2P lending platforms in the coun-try, with a cumulative transac-tion volume of nearly 300 billion yuan, announced it will exit the P2P lending industry in the next three years. (Zhang Yu)

P2P lending growth slows under new rules

SHENZHEN’S traffi c police will start imposing punishments Sept. 11 on four types of vehicles that have failed to handle traffi c violations within 45 days.

The vehicles are city buses, long-distance buses and tour-ism buses, heavy vehicles car-rying dangerous chemicals and school buses.

According to Shenzhen road safety rules, owners and drivers should handle violations within 45 days, or their vehicles will be banned from the road. Police can impound the vehicles and impose additional fi nes on the violators.

Among the four types of vehi-cles, there are 1,654 vehicles with unhandled violations. One bus with Shenzhen Anxun Bus Leas-ing Service Co. has accumulated 40 unhandled violations. Police have informed the bus operators about their violations.

The vehicles will be fi ned 1,000 yuan (US$153) each and the drivers will have three penalty points added to their licenses if they are caught on the road. If a driver has three violations in a year, the fi ne will be doubled to 2,000 yuan on the third violation. Police will impound the vehicles until the violations are handled. (Han Ximin)

Vehicles with unhandled violations to be halted

A REPORT released by Hurun Research Institute on Tuesday revealed that there are over 70,500 high-net-worth families in Shenzhen, with each family’s assets are worth over 10 million yuan (US$1.52 million), the Daily Sunshine reported yesterday.

According to the report, Beijing topped the list in China

regarding the number of high-net-worth families in the city, fol-lowed by Shanghai, Hong Kong and Shenzhen. The number of high-net-worth families in Shenzhen has increased by 4,500 to 70,500 this year.

The report also showed that Guangdong has outnumbered other provinces regarding the

number of high-net-worth families for two consecutive years. The number of high-net-worth families in Guangdong is 268,000 this year, an increase of 28,000 compared with last year.

The number of ultra-high-net-worth families, with assets worth more than 100 million yuan, is

121,000 in Greater China, while 71,000 families have investable assets worth more than 100 mil-lion yuan.

Beijing, Shanghai and Hong Kong have the most ultra-high-net-worth individuals in Greater China, as one in every 600 people in Hong Kong is a billionaire. (Zhang Yang)

70,500 SZ families have 10-million-yuan in assets

A MAN offered to sell his Shenzhen-registered license plate to a buyer by staging a fake marriage with the buyer, accord-ing to a local TV news report.

The city started limiting the number of new car licenses issued each year in late 2014. Potential car buyers can obtain a license plate through a monthly lottery or auction. The aver-age bidding price for a license plate reached 50,000 yuan (US$7,576) last month. Also, it’s illegal for car owners to trade

their license plates privately. The man wrote a post online

saying that he want to sell his Shenzhen-registered license plate because he is going to leave the city. He said he would get married with the buyer and transfer the license plate to her before getting a divorce, the TV news reported.

According to relevant regu-lations, a married person can transfer one license plate to his or her spouse if the spouse doesn’t have a license plate registered in the city. The man said the buyer

would only have to pay 20,000 to 30,000 yuan for his license plate after they got a fake marriage.

According to a lawyer, if two people get married of their own accord, their marriage is legal. But he said a fake marriage comes with risks. For instance, if one side was indebted, the other side would also be responsible for repaying the debt after marriage.

The case has been reported to the city’s traffi c police, but they hadn’t released a comment as of press time. (Zhang Yang)

Man to sell license plate through fake marriage

Workers pour concrete cement on the ceiling of Nanzhuang Station of Metro Line 6 yesterday. The station is the fi rst underground station of Line 6 that has been completed following eight stations above ground. Line 6 will run more than 37 kilometers in Longhua, Guangming and Bao’an with 20 stations. It is scheduled to start operation in May 2020. Sun Yuchen

1st Line 6 underground station completed