E-house to tap consumer financing sector

E-House, a NYSE-listed real estate services company in China, signed a deal on Tuesday with CITIC Bank to tap the consumer-financing sector.

According to the deal, the bank will offer E-House clients' credit lines based on their mortgage. Usually, the bank will offer customers a credit line that is 70 percent of their mortgage value, and the credit could be used to finance their purchase of cars, decoration, traveling and other spending.

The move, according to E-House, is to tap the country's fast growing consumer financing market.

E-house offers primary sales agency services, online real estate services, real estate information and consulting services. It was listed on the New York Stock Exchange in 2007.

By Sept 30, a total of 116,095 apartments were sold through E-House's online platform, with transaction value exceeding 12.57 billion yuan ($1.99 billion).