HSBC’s exposure to defaulted commercial property loans in Hong Kong surged almost sixfold to more than $3bn in the first half of this year, underscoring the risks the UK bank faces from a slump in the Chinese territory’s real estate market.
Hong Kong is HSBC’s largest market for commercial real estate lending, accounting for 45 per cent of its exposure, in comparison with 18 per cent for the UK.
The London-headquartered bank had $3.2bn in “credit impaired” commercial real estate loans to Hong Kong clients as of June 30, up from just $576mn six months earlier, according to its financial report for the first half of this year.
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