Joint Venture between The Hong Kong Mortgage Corporation Limited and Cagamas Berhad on Mortgage Guarantee Business
The Hong Kong Mortgage Corporation (”HKMC”) today (Thursday) signed a joint venture (”JV”) Agreement with Cagamas Berhad on the establishment of a company to develop mortgage guarantee businesses in Malaysia and other countries. Cagamas is Malaysia’s national mortgage corporation with a core mission to make housing loans more accessible and affordable in Malaysia.
The new JV company, which will be owned by the HKMC and Cagamas in equal share, will be incorporated in Malaysia.
At the outset, the JV will pioneer a mortgage guarantee programme (”MGP”) for both conventional and Shariah-compliant mortgage loans originated by financial institutions in Malaysia. — www.theasianbanker.com (December 21 2007)–