First Title (Beijing) Real Estate Guaranty Co., Ltd. Launches Official Web Site
—Site Aims to Integrate Real Estate Finance Service Chain in China—
January 14, 2008, SANTA ANA, Calif.
First Title (Beijing) Real Estate Guaranty Co., Ltd., a wholly owned subsidiary of The First American Corporation and the first entirely foreign-owned real estate guaranty company in China, today announced the launch of its official Web site, www.zhongyian.com.
Web site is the first of its kind in China and is dedicated to providing real estate finance service information. It will also serve as a one-stop, self-service platform for end users by providing real estate purchasers and owners with the most up-to-date information on mortgage product options—the Chinese version of escrow and other services for residential and commercial property transactions.
In China, the need for real estate mortgage, refinance, collateral consumption loans, guaranty and escrow services are rapidly increasing. At the same time, banks are providing more loan products to satisfy those needs; however, regular customers lack sufficient information about options on fund supervision and settlement services, making it difficult to choose the right products.
“We want to integrate the real estate finance service chain in China. Our Web site, backed by a specialized service team and partnership with leading industry practitioners such as Kblcw.com, Moneyschool.msn.com.cn, Kooxoo.com and Pinggu.Soufun.com, provides loan product information to our clients in a timely manner,” said Edward Ma, assistant vice president-information operation for First Title (Beijing) Real Estate Guaranty Co., Ltd. “By using the search, compare and apply functions on our Web site, our clients can fulfill most of their real estate financing needs in one location.”
Moreover, the Web site provides an independent, neutral third-party escrow platform for its users. Due to the lack of specialized knowledge and adequate industry regulation, great financial risk has emerged in China’s real estate financial service sector. “As one of the first government-certified escrow firms, we have the responsibility of utilizing technology to construct a safety framework for real estate transactions in China,” said Gene Shi, managing director and president of First Title (Beijing) Real Estate Guaranty Co., Ltd. “More than 90 percent of property transactions in the United States involve First American’s products and services. We have combined the design philosophy and operational experience of the U.S. system with our Web site to integrate the real estate finance chain in China.”
About First Title (Beijing) Real Estate Guaranty Co., Ltd.
First Title (Beijing) Real Estate Guaranty Co., Ltd, a wholly owned subsidiary of The First American Corporation, is a China-based real estate guaranty company that focuses primarily on real estate guaranty services, real estate guaranty-related transaction assurance and consulting services. For more information visit www.zhongyian.com.
About The First American Corporation
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of $8.5 billion in 2006, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. More information about the company and an archive of its press releases can be found at www.firstam.com.