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Last updated at: (Beijing Time) Sunday, December 08, 2002

Sino-German Housing Savings Bank to Open in N. China

After some four years of preparation, a Sino-German housing savings bank got a green light from China's central bank in October this year and will open in 2003 in north China's Tianjin municipality.


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After some four years of preparation, a Sino-German housing savings bank got a green light from China's central bank in October this year and will open in 2003 in north China's Tianjin municipality.

A spokesman for the China Construction Bank (CCB), the Chinese side of the joint venture, said Saturday that the Sino-German Housing Savings Bank Co. Ltd. has a registered capital of 150 million yuan, with the CCB owning 75.1 percent of the stake and the Bausparkasse Schwaebische Hall of Germany owning 24.9 percent.

He said that the first chairman of the board of directors of the joint venture will be appointed by the CCB, while the president will be named by the German side.

The new savings bank will adopt the central bank's fixed interest rate, which will not be normally readjusted and will not be affected by the fluctuation of the capital market interest rate or inflation.

The spokesman said that China has had an adequate outside environment for establishing home savings banks. From the time residential housing reforms were initiated in 1994 to 1998 when the housing distribution system stopped, a residential housing market has developed.

In 2001, the outstanding savings deposits reached 7.37 trillion yuan (about 891 billion US dollars), and 86.96 percent of the country's commercial houses were sold to individuals.

The spokesman said the successful experience of the Bausparkasse Schwaebische Hall and the advantages of the CCB as a State-owned bank will ensure that the new housing bank will be an innovative player in the housing financial market.


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