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South Korea’s peer-to-peer (P2P) lending firms’ delinquency ratio hit a record high in April amid a slowdown of lending to property development projects, according to the Korea P2P Finance Association. Data showed that the average delinquency ratio of 45 local P2P lending companies stood at 8.5% as of the end of April, rising from 1.77% in April 2018 and 0.89% in the same month of 2017, the highest since the association started gathering data in June 2016. About half of the total P2P lending firms posted zero delinquency ratios, while eight posted a ratio of over 20% as they focused on property development project lending.

South Korea’s property market cooled down following the implementation of government regulations aimed at curbing market speculation. The ratio represents a portion of loans overdue for at least a month. P2P lending is a new type of lending extended to borrowers such as start-ups, the self-employed, and individuals through social network services and the internet.