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GE to Begin Offering Equipment Leasing Services in China

February 23, 2004

General Electric Co. will be one step closer to establish the first wholly owned foreign company which provides equipment leasing service in China, according to a report in the Shanghai Daily News newspaper on February 17. GE will register a leasing company in Beijing and will begin equipment leasing services in the country later this year, an official with GE (China) Co. said yesterday. "The Beijing-based leasing company will conduct equipment leasing services all over China," said Li Guowei, communications director with GE (China) Co. Li said no firm date has been decided for GE to launch its services in the Chinese market. Officials with Shanghai Rental Trade Association said, however, GE's leasing branch is expected to start operation in about three months. In the meantime, Avis China, a Shanghai-based car leasing joint venture said it will expand its services to more cities this year. "Avis' revenue in China has risen by about 20 percent from a year ago," said Li Ming, a company official who was quoted in the Shanghai Daily News. "We will expand our services to Beijing, Nanjing, and Hangzhou in the first half of this year." At present, Avis has 10 outlets in Shanghai, Guangzhou, and Suzhou. Li said the company is expected to have 17 outlets by the end of this year.
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