The Middle Kingdom is experiencing dynamic growth and needs solid funding methods for housing construction. The government supports Bausparen.
The economies in Asia and in particular China with its 1,4 billion inhabitants are developing at a breakneck pace. Many people are moving from the country to the major cities, creating high demand for housing. In contrast to the situation in European countries, it is primarily large apartment complexes that are being built in China and the individual apartments are then sold as condominium units. Searching for solid financing solutions for middle-income groups, China introduced the German Bauspar system. This is the reason why this system has also been used in Asia since the beginning of the millennium. In 2004, Bausparkasse Schwäbisch Hall and China Construction Bank Corporation, one of the largest banks in the world, jointly established Sino-German Bausparkasse (SGB). The joint venture was launched in the metropolis of Tianjin (near Beijing). SGB expanded its business territory to include Chongqing in western China and a few years later to include Dalian and Jinan. In addition to its core business of Bausparen, SGB also offers mortgages and development loans.
Sino-German Bausparkasse (SGB)
- Corporate headquarters: Tianjin, China
- Year established: 2004
- Core business: Bausparen, mortage loans, property financing