Anjia

completed

Description of Company The AnJia Group (AnJia or the group) was established in January, 2000 and currently comprises of three operating entities namely, AnGage Real Estate Service Company, which is engaged in residential mortgage origination and servicing, AnJia Info Tech Limited which produces real estate related software and AnLian Info which is a portal and internet services company. AnGage has become the core operating entity within the AnJia Group. Purpose of Project: With the recent privatization of the housing sector in Shanghai, the home resale market has grown rapidly. Banks engaged in housing finance do not have the retail network capability to process the large volumes of mortgages in demand. In addition, the lengthy administrative procedures involved in deed transfer and collateral registration delay the release of funding and stifle the market growth. AnJia's participation in the market as an independent and neutral brokerage intermediary would allow the banks to focus on what they do best - make credit decisions - and outsource the laborious administrative aspects of origination, underwriting and servicing to a focused, specialized, and therefore more efficient brokerage entity - AnJia - thus enabling continued rapid growth in the industry. However, for AnJia to succeed and thrive in its role, it needs to expand its operations and develop its staff and systems. Therefore the group has approached IFC for an equity investment to achieve this aim. More specifically, the AnJia Group would use the funds from the proposed IFC investment to: strengthen its mortgage origination and servicing capability by acquisition and by expanding its physical retail outlets network; attract the qualified high calibre staff needed to support the rapid growth of the business, specifically to train and develop individual qualified mortgage brokers who will form the backbone of its retail mortgage servicing network; overhaul its processing systems to increase capacity and improve information access and reliability; and develop the AnJia brand and position the company as the leading mortgage originator and servicer in Shanghai.