Post by Sapphire Capital on Jul 17, 2008 1:57:27 GMT 4
IFC'S Mortgage Services In China
The International Finance Corporation (IFC) has signed an agreement with Advantage Services Holding Limited (ASHL) to invest in Advantage China Holdings Limited (ACHL).
ACHL will establish joint venture companies in China to provide home mortgage origination, borrower credit analysis, and contract underwriting services to Chinese banks.
IFC's investment represents a 24.5 percent direct ownership in ACHL. Other types of shareholders include ASHL and Netherlands Nederlanse Finanierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO).
Javed Hamid, IFC's Director for East Asia and the Pacific, said, "IFC is very pleased to support the development of mortgage servicing in China where private home ownership is expanding rapidly and lenders need to manage their exposures as they increase their mortgage lending portfolios.
This new institution should help alleviate credit concerns in China where the housing sector is growing steadily, increase homeownership rates, and strengthen families and communities."
IFC's mission is to promote sustainable private sector investment in developing countries, helps in reducing poverty and improve people's lives.
IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets and provides technical assistance and advice to governments and businesses.