Bank of China plans to double mortgage lending in Australia

Bank of China Ltd plans to double its mortgage lending in Australia in two years and wants to offer more home loans to local people, the bank's country head said.

There is demand for dwellings from Australians of Chinese origin and investors from the Chinese mainland, Hu Shanjun said in an interview last week in Sydney. Bank of China hopes to reach more non-Chinese borrowers in the country through a product distribution agreement with Australian Finance Group Pty, the nation's biggest mortgage broker, he said.

"I think more and more local Australians will be our customers," Hu said. Australia's market "needs the capital, the investment from outside", he said.