The Chinese leasing industry grew by RMB250bn (29.5bn) for the quarter ending March 2014 compared to the final quarter of 2014, according to market analysis company ReasearchandMarket.
As a result, the Chinese leasing industry turnover reached RMB2.35tr in the first quarter.
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The number of enterprises in the country totalled 1,137, an increase of 111 from the end of 2013. The vast majority of entrants were foreign and the total amount of foreign leasing companies in China is now 990.
Leasing penetration was highest in the construction industry where Researchandmarkets said it was at nearly 16%, while leasing turnover from engineering machinery exceeded RMB100bn in 2013.
The company also noted leasing had grown rapidly in the medical device and automotive industries, which it credited to the involvement of professional leasing companies, and a generally vigorous development in this area.
In 2013, Leasing Life reported that the Chinese market was ripe for expansion due to the relative immaturity of the market.
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