Myanmar Housing Development Bank to open

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yangon housingA new bank in Myanmar that focuses on housing loans for low-income families will open in September, according to their managing director.

The Construction and Housing Development Bank Limited (CHDB), licensed on July 15, 2013, aims to provide cheap housing through installment plans for low-income families, pensioners and government workers.

“We are planning to open a bank branch in one month,” said Win Zaw, Managing Director of CHDB.

The company aims sell up to 10 million shares at 10,000 kyat ($10.30) a unit. The CHDB will allow government employees, staff from private companies and international investors to invest in shares, according to the Ministry of Construction.

“For the low-income public, we assume that a financial system which allows a 20 to 30 years long term settlement may be suitable for them. Only then can the low-income public own an apartment. That’s why we are establishing CHDB,” said Minister for Construction, Kyaw Lwin on July 15.

City dwellers especially in Yangon are increased notably since 2000. According to statistics collected by Yangon City Development Committee, dwellers in Yangon are faced with shortage of homes. The number of families in the Yangon areas in relations to the available housing is 3.5 times bigger, according to Myint Swe, Chief Minister of Yangon region.

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Reading Time: 1 minute

A new bank in Myanmar that focuses on housing loans for low-income families will open in September, according to their managing director.

Reading Time: 1 minute

yangon housingA new bank in Myanmar that focuses on housing loans for low-income families will open in September, according to their managing director.

The Construction and Housing Development Bank Limited (CHDB), licensed on July 15, 2013, aims to provide cheap housing through installment plans for low-income families, pensioners and government workers.

“We are planning to open a bank branch in one month,” said Win Zaw, Managing Director of CHDB.

The company aims sell up to 10 million shares at 10,000 kyat ($10.30) a unit. The CHDB will allow government employees, staff from private companies and international investors to invest in shares, according to the Ministry of Construction.

“For the low-income public, we assume that a financial system which allows a 20 to 30 years long term settlement may be suitable for them. Only then can the low-income public own an apartment. That’s why we are establishing CHDB,” said Minister for Construction, Kyaw Lwin on July 15.

City dwellers especially in Yangon are increased notably since 2000. According to statistics collected by Yangon City Development Committee, dwellers in Yangon are faced with shortage of homes. The number of families in the Yangon areas in relations to the available housing is 3.5 times bigger, according to Myint Swe, Chief Minister of Yangon region.

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