Banks have little interest in such small lending (except for large mortgages), so Homelink classically managed to fill a yawning hole in the market with its own funds.

But now it has formalized that function with its own standalone online P2P business, which allows online investors to become the creditors for others.

No wonder it has managed to overtake many established firms in such a short time. It does not have fancy technology. Its website and mobile app are simple, primitive even.

But as a property broker, Homelink knows exactly about debtors, about how much money is needed, and how it's used, and has managed to provide investors with a reliable and easily accessible platform.

I have also interviewed a number of other P2P platforms, and the latest case reminded me that all the successful ones have access to plenty of resources, before their virtual websites.

The earlier P2P firms acted simply as an online bridge between grass-roots small-sum loan companies and online investors. They or their partners just carry those businesses online.

Then came cash-hungry developers, who happily found an alternative funding channel other than trusts or private capital.

Most founders of these "property crowdfunding platforms" were those with experience of the property industry, or were simply offshoots of large developers.

In this game, resources are everything.

Bear in mind, that the most valuable investment opportunities are being snapped up by major banks, insurers, developers, and venture capitalists.

Also, realizing the importance of "resources", business development teams in P2P firms are more likely to put "quality" of the borrowers at second place, just to compete for more "projects". Thus the investment opportunities being offered online were likely to be inferior compared to the traditional players. But China's investors don't care, for now, as long as the returns are high.

Established players have already realized what they had missed and is catching up. Companies like Alibaba Group Holding Ltd and JD.com are investing in P2P or crowdfunding, and with their strong capital-backed partnerships, huge customer base and established online presence, wining back the war is not hard.

Contact the writer at zhengyangpeng@chinadaily.com.cn