China Construction Bank (CCB), the world's second-biggest bank by market value, revealed that it intends to set up branch offices in fellow BRIC nations Brazil, India and Russia, according to reports.
Guo Shuqing, chairman of the China Construction Bank said that CCB signed a memorandum of understanding that is expected to lead to an agreement to provide US conglomerate General Electric Co with banking services in China and for cross-border financing.
After saying he "certainly" wanted to open branches in Brazil, Mr. Guo said this is due to a reluctance to develop into other nations. He commented: 'I think that in the developed countries, the financial sector is overdeveloped, there is over banking'. According to Reuter's reports, the company intends to add ten more branches in the next ten years, which may boost the availability of banking services to property investors in Brazil.
Meanwhile, Michael Sutton, reporting for Write about Property stated that Brazil grows into one of the world's largest economies; property will grow in value until prices are similar to what they are in the developed economies. He added that one-bedroom flat in Rio de Janeiro, which would currently cost around £80,000and the same property would be priced at approximately £150,000 in London at the moment, which suggests the potential for 100 per cent growth in the next five years.
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