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Yufeng Finance Leasing taps mainland market
By Hu Xiaocen |
January 3, 2013, Thursday
|
Online Edition
Online Edition
Shanghai is promoting financial service diversification by allowing more Sino-foreign joint ventures to engage in financial leasing business. By the end of last year more than 100 of China's 600 or so finance leasing companies had been registered in Shanghai.
According to data from China Leasing Business Association, the combined assets of financial leasing firms in China totaled 1 trillion yuan (US$158.7 billion) last September, 30 times the figure in 2007.
Shanghai Yufeng Finance Leasing Ltd, a joint venture between mainland and Hong Kong investors, was founded today with an initial capital of US$30 million. It hopes to grow into a multi-billion-yuan business in three years and become listed in the future.
"Some multinational companies are keen to get into the business in China. We are in a position to utilize resources of foreign lenders," said Yufeng.
Financial lease is an important pillar of modern financial services. However its market penetration in China is only 5 percent, compared with about 20 percent in Europe and the United States. Yufeng said there is plenty of space for businesses like itself to grow in Shanghai.
According to data from China Leasing Business Association, the combined assets of financial leasing firms in China totaled 1 trillion yuan (US$158.7 billion) last September, 30 times the figure in 2007.
Shanghai Yufeng Finance Leasing Ltd, a joint venture between mainland and Hong Kong investors, was founded today with an initial capital of US$30 million. It hopes to grow into a multi-billion-yuan business in three years and become listed in the future.
"Some multinational companies are keen to get into the business in China. We are in a position to utilize resources of foreign lenders," said Yufeng.
Financial lease is an important pillar of modern financial services. However its market penetration in China is only 5 percent, compared with about 20 percent in Europe and the United States. Yufeng said there is plenty of space for businesses like itself to grow in Shanghai.
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