Case Studies of Australian Businesses in China
Macquarie Bank entered China in the mid 1990s, initially providing innovative housing finance solutions and since diversifying into managed funds and project financing. It started by developing property in Tianjin through its managed China Housing Investment Funds, CHIFs, and became the first foreign or local company to securitise mortgage finance. Macquarie continues to tap the rapidly growing Chinese housing market; to date, the CHIFs have funded more than 2 500 residential apartments.
In 2002, Macquarie also joined with AMP Henderson Global Investors to develop similar products in Shanghai, where they are currently building and financing mortgages for 772 apartments. In early 2002, Macquarie formed a joint venture with Schroeders Asian Properties LP, creating a funds management business specialising in developing residential property. Recently, through an agreement with the China Construction Bank, Macquarie became the first foreign firm in the Shanghai mortgage market to provide mortgage brokerage and associated services.
Macquarie finds China an exciting and challenging market. While complex bureaucratic, corporate and legal requirements, contract difficulties and differing partner expectations make China a challenging business destination, Macquarie is optimistic about future developments in this key market.
Source: Macquarie Bank, 2002.
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