GM finance unit in China offers $1.46 bln auto loans

General Motors Corp said its car financing unit in China has offered retail auto loans of 10 billion yuan ($1.46 billion) by August 20 this year, a 20 percent rise from a year ago.

The GMAC-SAIC Automotive Finance Co, China's first car loan firm jointly set up between GMAC and SAIC Finance Co five years ago, said 50,000 retail contracts have been signed this year and that new loans reached a record high in July.

GMAC-SAIC offers both retail and wholesale car loans to as many as 810 dealers in 180 cities across the nation, who sell the various auto brands under GM and its Chinese partner.

The company said China still remains one of the important markets to global business growth.