Myanmar will be opened Construction and Housing Development Bank in January next year, according to Win Zaw, Managing Director of Construction and Housing Development Bank Public Company Limited.
“We have an idea for low income people
to own an apartment or a house with a long term loan (20 years to 30
years) and establish a financial system,” said Kyaw Lwin, Union Minister
for Construction.
The company will start sell shares soon.
It is planned to sell 10 million shares with 10,000 kyats per share.
The profit will be divided annually and the company will take control of
the price for selling and transferring shares for the benefit of the
share holders.
“We first established a public limited
to form the bank. The company will sell shares and we are trying to open
the bank in coming January,” the managing director said.
City dwellers in Yangon are increased
notably since 2000. According to statistics collected by Yangon City
Development Committee, dwellers in Yangon are faced with shortage of
living quarters. The number of families in the Yangon areas in relations
to the available quarters is three and a half time, according to Myint
Swe, Chief Minister of Yangon region.
source: Eleven Myanmar
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