First American Title Insurance Company Expands Operations in People's Republic of China
|May 7, 2007|
SANTA ANA, Calif. and BEIJING, -- First American Title Insurance Company's International Division thas established First Title (Beijing) Real Estate Guaranty Co., Ltd., the first wholly foreign-owned enterprise dealing with real estate guaranty in China.
First American has appointed Jinqiang Shi (Gene Shi) as managing director and president of the new company, which provides banks, real estate professionals, developers and others with the Chinese version of escrow products and services necessary to bring peace of mind to local real estate practitioners, as well as home buyers and sellers.
China passed a new Private Property Law on March 16, 2007, which will go into effect in October and covers the creation, transfer and ownership of property in mainland China in an effort to protect the private assets of its citizens. That law's passage, combined with the Chinese government's open- door policy to foreign enterprises in the financial services sector, made the timing right for First American to make escrow services more widely available to the Chinese people.
"With an estimated 80,000 resale transactions taking place in Beijing in 2006, we are well positioned to help better communicate both the value of homeownership and the steps necessary to attain it to the prospective local homebuyers," said Tony Lee, vice president of Asian operations for First American Title Insurance Company. "We will work in conjunction with local real estate professionals to make homeownership a reality for the local community and help them achieve the Chinese version of the American dream."
In addition to a comprehensive presence across the United States, First American Title Insurance Company has pioneered operations in more than a dozen countries, including Korea, Australia, Mexico, Poland, Hungary and Turkey. Today, First American continues to explore new international opportunities and work with government officials and community leaders to craft legislation that protects landowner rights and secures a stronger local economy.
Source: First American Title Insurance Company