We believe there are significant growth opportunities in the leasing market across all segments in China for several reasons: leasing penetration still remains low; acceptance of leasing as a financing tool continues to grow; and customers are growing more sophisticated and have more options when choosing a leasing company.
NEW YORK--(BUSINESS WIRE)--The vendor finance market in China is poised for continued rapid growth, according to Adrian Pang, Managing Director, CIT Vendor Finance, Asia for CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies. This is just one of the insights Pang offers in “Vendor Financing in China,” the latest in a series of in-depth executive Q&As featured in CIT’s “Executive Spotlight” series (http://executive-spotlight.cit.com).
In discussing the trends in the Chinese leasing market, Pang says, “We believe there are significant growth opportunities in the leasing market across all segments in China for several reasons: leasing penetration still remains low; acceptance of leasing as a financing tool continues to grow; and customers are growing more sophisticated and have more options when choosing a leasing company.”
Pang also comments on the outlook for the Chinese vendor finance market, stating, “There is an opportunity for significant growth in the vendor financing space in China as leasing penetration continues to increase and fair market value leasing becomes more prevalent throughout the region. I think over the next several years we will look to grow our market share as the continued advances in technology and product design will drive end users to seek new products.”
Commenting on CIT’s leading position in vendor financing in China, Pang says, “CIT has been in China for more than a decade and was one of the earliest U.S. leasing companies in the country. Our senior team has more than 200 years of combined vendor financing experience. Over the years, we have established a track record for our proven and time-tested vendor financing business model and have developed strong industry and business relationships. Our extensive base of customers includes both multinational corporations and local companies.”
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Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com
CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of External and Internal
Communications & Media Relations
Jenny Tan, 86-21-6160-2288
CIT Vendor Finance, Asia
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President