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Anything to pawn?

Updated: 2013-11-07 16:30

The pawn business is a sector that often gets a bad rep.

But in reality, pawn brokering is not only a great way for SMEs to receive fast cash, but also a nice addition to large banks. Pawn shops can also help recycle second hand products. Earlier today, China’s Ministry of Commerce held a press conference about the pawn business.

Old stuff shinning like new.

Easily mistaken for a luxury mall, a pawn shop usually sits in the middle of a busy shopping district.

Sterotypical pawn shops are viewed as institutions for poor people...and during old times they partially were.Nowadays in Beijing, some ancient pawn shops can still be found in the city.

Not only the nature of pawn brokering has changed, the business itself has also been growing.

In the first three quarters of this year, about 7000 pawn shops were registered, and the total sum of loan they launched for pawners has seen a more than 23 percent annual growth.

But what does the future hold? will there be any competition?

Now within the Shanghai Free trade zone, the pawn business is even open for foreign investment - Under regulation of course, with over 1600 years of history, the pawn business is still slowly growing in modern China.

Anything to pawn?