Australia's Macquarie Bank has confirmed that it is advising the China Construction Bank on setting up a pilot program to start mortgage-backed securitization in Shanghai.

The bank, one of Australia's leading originators of home mortgages, is now working on getting approvals for the program from China's Central Bank, the People's Bank of China (PBOC), said Tony Gill, managing director of Macquarie Securitization in Sydney.

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