Home Credit Consumer Finance Co., Ltd., China's first wholly foreign-owned consumption finance enterprise approved by the China Banking Regulatory Commission, was established in the Tianjin Economic and Technological Development Zone on Dec. 1.
This corporation is exclusively owned by the Holland-based PPF Group and its registered capital stands at 300 million yuan. It will provide unsecured mass consumption loans in the Tianjin region. This signifies that China's first batch of four approved consumption finance enterprises established in Beijing, Shanghai, Chengdu and Tianjin have all been put into operation so far.
Consumption finance enterprises are non-bank financial institutions that do not absorb public deposits. Instead, they provide Chinese citizens with loans for consumption based on the principle of grants with petty amounts, according to the "Management Approach for Consumer Finance Enterprise Pilot" released by the China Banking Regulatory Commission. The establishment of the Dutch consortium's China operation means that China's financial sector has opened further to foreign investors.
By People's Daily Online
This corporation is exclusively owned by the Holland-based PPF Group and its registered capital stands at 300 million yuan. It will provide unsecured mass consumption loans in the Tianjin region. This signifies that China's first batch of four approved consumption finance enterprises established in Beijing, Shanghai, Chengdu and Tianjin have all been put into operation so far.
Consumption finance enterprises are non-bank financial institutions that do not absorb public deposits. Instead, they provide Chinese citizens with loans for consumption based on the principle of grants with petty amounts, according to the "Management Approach for Consumer Finance Enterprise Pilot" released by the China Banking Regulatory Commission. The establishment of the Dutch consortium's China operation means that China's financial sector has opened further to foreign investors.
By People's Daily Online
