Peer-to-peer lenders losing sheen in China

The number of Chinese peer-to-peer lenders continued to fall last month, partly due to the country's ongoing efforts to crack down on riskier forms of financing.

The number of P2P platforms fell to 456 at the end of November from 486 at the end of October, according to Online Lending House, a website that tracks the industry.

Turnover of P2P platforms amounted to 50.62 billion yuan ($7.23 billion) last month, down over 50 percent year-on-year and down 11.23 percent month-on-month.

The number of active individual lenders and borrowers dropped 9.72 percent and 13.05 percent month-on-month, respectively.