Finance leasing firms get room to expand
Print Edition
FINANCE leasing companies have been given the green light by the nation’s banking regulator to open industry-specific subsidiaries in a bid to support growth and facilitate overseas expansion.
Among the fields into which firms can now expand are aircraft and ship finance, the China Banking Regulatory Commission said in a statement yesterday.
Companies must use their own capital to finance the subsidiaries and are required to hold a 100 percent stake in the new units, the statement said.
To qualify for permission to set up an overseas subsidiary, firms must have been profitable for at least two consecutive years, have a clear development plan and be eligible to conduct overseas business, it said.
As well as helping leasing companies to grow, the new regulations should help reduce the financial pressures on airlines and shipping companies, the statement said.
Detailed rules have been drawn up concerning capital management, risk control and information disclosure during the management of domestic and cross-border subsidiaries, it said.
China’s finance leasing firms signed 2.35 trillion yuan (US$380 billion) worth of deals in the first quarter of the year, up 11.9 percent up from the previous three months, China Leasing Alliance said earlier.
The number of leasing companies rose 11 percent in the period to 1,137, of which 990 were foreign invested.
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