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Pawnshops re-emerge with friendlier look (4)

(China Daily)

08:32, December 10, 2012

"Unlike the old days, people were no longer going to pawnshops for survival," Yang explains. "They became a way to deal with emergencies. When people wanted to buy something but didn't have enough money, they could pawn something valuable and redeem it another day."

Traditionally, people pawned clothes, antiques and ornaments made of gold, silver or jade. Today, diamonds and luxury goods, including bags and watches, are more common. Art and wine have also begun to appear on pawnshop shelves, as those markets have surged across China.

"The diversity of pawned objects is not limited to ordinary products," Yang says.

"Since 1997, such commodities as real estate, private cars, stock equity and receivable accounts have found places in pawnshops."

At Huaxia Pawnshop, the monthly interest on a pawned house is 3.2 percent; that for a private car is 4 percent; and that for common goods is 4.7 percent.

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