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Deutsche in China move

Deutsche in China move

(China) - Mortgage operator Huze (China) Holding, China's first joint venture company in the mortgage sector, says that Deutsche Bank has taken 30 percent of the company, with an option of increasing its stake to 48 percent within three years. The purchase price is not known, but Deutsche becomes the first foreign bank to enter China's mainland home mortgage credit market.

Huze was established in February this year. The first phase saw start-up investment from International Financial Corporation and Holland Developing Financial Corporation as well as Huze's parent company.

Huze has also signed distribution agreements with the Bank of China and Beijing Municipal Commercial Bank.

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