(China) – China’s third largest bank, China Construction Bank, has announced a property loan joint venture with Germany’s Bausparkasse Schwaebisch Hall, the mortgage bank arm of DG Bank.The venture will offer housing mortgages, and is expected to begin operating early next year.
China’s mortgage market has more than doubled on average each year since 1997, when State owned companies stopped providing free housing for employees.
Fewer than 0.5 percent of home loans have gone bad, compared with 25 percent of corporate loans.