FOREIGN AUTO FINANCE FIRMS FLEX MUSCLE IN CHINA
AsiaInfo Services, July, 2005
AsiaInfo Services 07-08-2005 Foreign Auto Finance Firms Flex Muscle in China CHINA, Jul 08, 2005 (SinoCast via COMTEX) -- Kevin E. Wale, chairman and managing director of GM China, said that GMAC-SAIC Automotive Finance Co., Ltd had provided over CNY 1.6 billion worth of loans for automobile dealers and consumers up to the end of June this year.As the first auto finance company in China that has won approval from China Banking Regulatory Commission officially, GMAC-SAIC is a joint venture between General Motors Acceptance Corporation (GMAC) and Shanghai Automobile Group Finance Co., Ltd.
(SAICFC) with capital contributions of CNY 300 million and CNY 200 million respectively.The venture developed its credit business both in wholesale and retail through Shanghai GM's...
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