NEW YORK--()--Over the last decade, the leasing market in Asia has evolved and businesses have become more sophisticated as they recognize the benefits of using operating leases, which can significantly lower monthly payments and may offer tax advantages. Leasing also helps increase business productivity and removes the hassle of having to dispose of the equipment at the end of its lifecycle according to Adrian Pang, Managing Director, CIT Vendor Finance, Asia at CIT Group Inc. (NYSE: CIT) cit.com, a global leader in vendor financing. This topic is one of many discussed in Equipment Leasing Opportunities in Asia (cit.com/vodcastpang), the latest in a series of in-depth executive video Q&As featured in the CIT Executive Insights series (cit.com/executiveinsights).
Universal Uses for Equipment Leasing
Leasing is not restricted to a small subset of any kind of equipment. It can apply to any industry and to any equipment. Pang explains, “I always tell people, if you walk into any office, the photocopiers, the phone systems, they can be leased. In a manufacturing environment, in the factories on your production line, your important capital-intensive equipment can be leased.“
Benefits of Equipment Leasing
One of the key benefits for customers is that they can acquire the equipment and increase their productivity, but pay for it over time. Pang explains, “This is especially important to small- and medium-sized enterprises. They can increase their efficiencies, while not incurring a big capital investment up front.”
Growth Opportunities
There are several opportunities, in China in particular, in which the equipment leasing market can grow. Pang sites two initiatives currently underway in China. “In China, the government is strongly pushing an initiative to digitize all medical and patient records at hospitals….. Another initiative is called Safe City. The government will be installing surveillance cameras in all major cities, which are then connected to a control center. So in the event of a disaster, or even small matters like traffic accidents, the control center can react properly.”
EDITOR’S NOTE:
Individuals can go to Equipment Leasing Opportunities in Asia (cit.com/vodcastpang), to view the complete video. Other recent video Q&As featured in the CIT Executive Insights series (cit.com/executiveinsights) include: the 2012 Global Commercial Aviation Industry Outlook and the 2012 U.S. Energy Sector Outlook.
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About CIT Vendor Finance
CIT Vendor Finance is a leader in developing business solutions for small businesses and middle market companies for the acquisition of equipment and value-added services. It creates tailored equipment financing and leasing programs for manufacturers, distributors and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services, from invoicing to asset disposition, to meet its customers’ needs. cit.com/vendorfinance
About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank, BankOnCIT.com, its primary bank subsidiary and an FDIC-insured online bank that offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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