日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

National

Regional

Taiwan, HK, Macao

Special Coverage

Focus

Society

Profiles

Carmaker Chery set up auto finance company

(Xinhua)
Updated: 2008-06-24 19:10

BEIJING  -- China's largest domestic carmaker, the Anhui Province-based Chery, said on Tuesday that it had set up an auto finance company in cooperation with Huishang Bank, also based in Anhui,  after receiving approval from the China Banking Regulatory Commission.

The venture, called Chery Huiyin Auto Finance Co. Ltd., will be the 10th auto finance company in China but the first exclusive domestic joint venture.

The vast majority of Chinese vehicle buyers still pay cash.

According to Chery, its auto finance company has a registered capital of 500 million yuan (72.78 million US dollars), of which Chery holds a controlling stake of 80 percent while Huishang has the other 20 percent.

Chery said the finance company would provide loans to both dealers and auto buyers.

Chery Automobile spokesman Jin Gebo said the expansion of Chery's business was expected to boost the competitiveness of Chery's products and the brand.

China's first auto finance company opened in August, 2004 when General Motors Acceptance Corp. and Shanghai Automotive Group Finance Corp. set up a joint auto finance company.