FirstAm Opens RE Guaranty Unit in China

The international division of First American Title Insurance Co., Santa Ana, Calif., has established what it says is the first wholly foreign-owned enterprise dealing with real estate guaranty in China.First American has named Jinqiang Shi (Gene Shi) as managing director and president of the new company, First Title (Beijing) Real Estate Guaranty Co., which is a provider of the Chinese version of escrow products and services to banks, real estate professionals, and others. The company said it believes that a Chinese private property law that goes into effect in October, combined with Chinese government policies friendly to foreign enterprises in the financial services sector, will be conducive to the new venture.