The Lujiazui financial area of the Pudong New District of Shanghai says it is expecting to get two new small loan companies, Pudong Times has reported on Oct 20, one of which is a subsidiary of the Dalian Wanda Group, China's property giant, which has been approved by local finance authorities and expects to begin operations in a few months.

The company has 200 million yuan ($31.4 million) in registered capital and says it will focus on small loans and related consulting. The chairman of the Wanda Group, Wang Jianlin, calls the move a part of their financial expansion plans and says that Wanda is exploring new financial models to combine the Internet and finance.

The other company is a subsidiary of China's Bank of Communications, which may be its first affiliated small loan company, and has registered capital of 200 million yuan and is expected to pave the way for Bank of Communications' peer-to peer (P2P) lending and online small loan businesses.

Local authorities have said that, by the end of June 2015, Pudong had a total of 22 small loan companies with loans worth 2.2 billion yuan.