China gets first housing bank

The mainland will get its first 'housing bank' focusing on home mortgages after a German financial institution and China Construction Bank put the finishing touches to their joint venture.

China Construction will co-operate with Bausparkasse Schwaebische Hall, Germany's largest housing bank, on the joint venture, called Sino-German Housing Bank. Approval was given to the pair in late 2002.

A China Construction official said it was awaiting a business licence.