Construction and Housing Development bank to open in 2014
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.