German bank in mortgage venture
1 January 2003
China Construction Bank has received approval to form a mortgage lending joint venture with Bausparkasse Schwaebisch Hall, the mortgage bank of Germany's ,DG Bank. The venture will be based in Tianjin,but the two partners are still discussing the scale of investment and stake ownership.
China Construction Bank, China's third largest bank, currently controls 37 per cent of the mortgage market, with Yn186.6bn in mortgage loans outstanding.
