FIRST AMERICAN OPENS HONG KONG BRANCH AND FORMS LOCAL JOINT VENTURE
June 28, 2001, SANTA ANA, Calif.
First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF), today announced the establishment of its Hong Kong operations.
First American has just been licensed by the Hong Kong Insurance Authority to issue title insurance policies on all Hong Kong properties. Title insurance provides buyers and lenders cover against a property having a defective title and facilitates property transactions. Title insurance is widely used in the United States, Canada and United Kingdom.
First American has also formed a joint venture company, First Hong Kong Title Limited (“First Hong Kong”), with local investors to provide related services.
Comments head of international operations, Tom Grifferty: "First American is very pleased to make title insurance available for the first time in Hong Kong. The opening of our Hong Kong branch demonstrates First American's continuing commitment to expanding its international base into favourable jurisdictions. The Hong Kong market is an exciting opportunity – we think we can certainly add value."
Comments chief executive of the Hong Kong branch, Hilary Cordell: "We are delighted to open our doors for business. We are helping buyers, lenders and their lawyers complete transactions much more quickly, with greater certainty, at lower cost and with less risk. There are huge benefits for the Hong Kong property market".
Comments director general of Invest Hong Kong, Mike Rowse: “Title insurance is an important development for the Hong Kong property market facilitating market liquidity”.
For further information, please contact Hilary Cordell (email@example.com) on +852 2623 2388.
The First American Corporation, based in Santa Ana, Calif., is the nation’s leading, diversified provider of business information and related products and services. The corporation’s three primary business segments include: title information and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides automotive, subprime and direct-to-consumer credit reporting; direct-to-consumer public records reporting; resident screening; pre-employment screening; property and automotive title administration and insurance tracking services; property and casualty insurance; home warranties, investment advisory; and trust and banking services. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com.