The China Construction Bank (CCB) has submitted an application to the People's Bank of China, the central bank, to jointly establish a housing deposit and loan bank with the German bank Schwabisch Hall.
The CCB's newly appointed President Zhang Enzhao said the application was first made in March 2001. In accordance with the central bank's requirements, the CCB later revised and added to the application and reapplied at the end of 2001.
If approved, this will be the first Sino-foreign joint venture bank specifically for housing loans. Zhang said that the CCB will hold a controlling stake in the joint venture.
(People's Daily February 10, 2002)
