Small, Medium Enterprises Turn to Pawnbrokers

Small- and medium-sized enterprises, especially privately-owned ones, have borrowed 22.2 billion yuan ($300+ million) for capital from pawnshops. Individuals have borrowed 19.9 billion ($280 millionish).

In China there are 2,342 pawnshops in operation with assets of 86.2 billion yuan ($12 billionish) UP 12.7% from last year.

Business at the pawnshops in the first half of this year was up 31% from last year.

Pawnbroking has offered 21,000 job vacancies this

year.

The half (1,239) pawnshops in east China accounted for 35.49 billion yuan ($7 billion) in business volume.

Pawnbroking is playing an important role in helping people get their China dream going…and to aid in financial emergencies.

Have you ever pawned something off? Bought something from a pawn shop?