Plans are being developed to set up a mortgage-backed securities market in China, the Financial Times reported. A pilot program introduced last year saw China Construction Bank start repackaging home loans worth US$389 million and selling them into the capital markets. Agricultural Bank of China is now considering taking part in a second trial sale as part of a larger move to develop the country's market for asset-backed securities. According to China Securities Journal, US$12.5 billion worth of asset-backed securities sales could be approved this year. Growth in home ownership in China has made mortgage lending a key part of domestic banks' business.