Mitsui Fudosan Residential and HSBC Premier collaborate to offer property mortgages for non-Japan residents for the first time
January 25, 2011
Mitsui Fudosan Residential Co., Ltd.
The Hongkong and Shanghai Banking Corporation Limited
Mitsui Fudosan Residential Co., Ltd. (hereinafter referred to as “Mitsui Fudosan Residential”), one of Japan’s leading residential property development and sales companies, and HSBC Premier, the international banking and wealth management service of the HSBC Group, have entered into an agreement to offer non-Japan residents living in the Asia-Pacific region, including Australia, Singapore and Taiwan, the opportunity to purchase residential property in Japan.
Through this partnership, HSBC Premier customers1 residing in those countries where the service is offered will have the opportunity to purchase new condominiums sold within Japan by Mitsui Fudosan Residential. This is the first time in Japan2 for an international financial institution and a property developer to enter into a formal agreement to offer mortgages to non-Japan based residents.
In recent years, there has been an increase in interest in Japanese real estate among mass affluent foreign nationals and this is expected to grow, particularly for quality residences in and around the Tokyo Metropolitan Area, as the trend toward a more globalised and borderless world strengthens.
With its broad international network, HSBC Premier is uniquely positioned to service the increasingly diversified demand for mortgages and is committed to developing new mortgage products and services to help more individuals fulfill their financial lifestyle goals.
As part of its role in the collaboration, HSBC Premier relationship managers will provide English language support to customers, including the production of English translations of the necessary documentation and contracts.
This new collaboration follows a similar agreement which Mitsui Real Estate Sales Co., Ltd. (“Mitsui Real Estate Sales”), the housing consignment sales business of the Mitsui Fudosan Group, and HSBC Premier entered into in 2009, to offer mortgages to foreign customers domiciled in Japan to purchase properties through Mitsui Real Estate Sales.
Mitsui Fudosan Group has made rapidly-growing China and the rest of East Asia an area of strategic priority, and is working to promote numerous projects and expand its businesses in residential properties and commercial facilities. Mitsui Fudosan Group will continue to work to create new value in community development and other areas and to provide solutions to meet the increasing and diversifying needs of its customers worldwide.
Please note that this press release is for distribution in Japan only and not for marketing to consumers overseas.
1 Persons residing outside of Japan who meet the following requirements are eligible for this service:
- Reside in the country where the service is offered and do not hold resident status in another country or territory
- Have held an HSBC Premier account in their country of residence for at least six months
- Pay taxes in the country where the service is offered and can submit official proof of income in English
2 As of December 31, 2010 according to research conducted by HSBC Premier
Mitsui Fudosan Residential Co., Ltd.
Mitsui Fudosan Residential is the new condominium and detached house business of the Mitsui Fudosan Group. A leader in its field, Mitsui Fudosan Residential offers a fully integrated value chain, from site acquisition, planning and development to sales and after-sales service. Mitsui Fudosan Residential has developed its Tokyo-based new condominium and detached house operations throughout all of Japan, responding to even the most detailed needs and requests of its customers. Leveraging the combined strengths of the Mitsui Fudosan Group, it works to promote development of comfortable communities, offer quality residential environments and propose new ways of living.
Launched in 2000 and with international services starting in May 2007, HSBC Premier is the first truly global personal wealth management service offering individually tailored financial solutions for the growing number of mass affluent individuals. Globally, HSBC Premier offers its services through more than 350 international Premier Centres in 46 countries and territories. In Japan, HSBC Premier launched in 2008 and its nationwide network of branches targets individuals with liquid financial assets exceeding JPY 10 million.
HSBC Holdings plc, the holding company for HSBC Group, is based in England. The HSBC Group is one of the world’s largest banking and financial services organisations with more than 8,000 offices in 87 countries and territories in Europe, the Asia-Pacific region, the Americas, Middle East and Africa, and assets of more than US$2,418 billion as of 31 June 2010.