MFS seeks and FindisNet in China

MFS has bought a 30% stake in FindisNet Limited, a Hong Kong registered based financial services company.

FindisNet was established in 2006 by Australian Geoff Ross, the founder and former managing director of SecureNet Limited.

The company is currently distributing residential mortgages and related insurance products in China.

The total acquisition price for the 30% stake is up to a maximum of $US20 million.

MFS’ head of investment banking Luke Gannon said whilst the Findisnet business currently operates in Shanghai and Beijing, in 2008 the company plans to roll out the business model to several other major cities in China, including Guangzhou, Shenzen and Tianjin, in order to establish a nationally branded distribution network.

The total residential property market in China’s top five cities grew at 12.6% from RMB 792 billion to RMB 1,003 billion between 2005 and 2007.

Shanghai, Beijing and Shenzen are the dominant cities in terms of transaction value, whilst Guangzhou and Tianjin are growing at more than twice the average rate.

Australian Property Journal