Foreigners Now Can Take out Car Mortgage in Shanghai

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Last updated at: (Beijing Time) Friday, May 24, 2002

Foreigners Now Can Take out Car Mortgage in Shanghai

The Shanghai Branch of the China Construction Bank announced Thursday that it now provides a car mortgage service to foreigners living in the city.

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The Shanghai Branch of the China Construction Bank announced Thursday that it now provides a car mortgage service to foreigners living in the city.

As part of a series of new policies, the bank branch is also offering vehicle mortgages to people from the other parts of the country and living in the city.

From now on, buyers of all kinds of vehicles can take out a mortgage with the bank, provided their cars are registered in the city. The branch also raised the upper limit for the age of mortgage applicants to 65 years, compared with 60 previously.

The bank also allows car buyers to enjoy other favorable policies, such as lower interest rates and longer loan terms.

The China Construction Bank is the country's first commercial bank that gets into the vehicle mortgage business. It began issuing car mortgages to local residents four years ago.

Last year, China's central bank, the People's Bank of China, announced that foreign non-banking institutions in the country were allowed to apply to operate vehicle mortgage service.

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