The CEO of the global banking giant HSBC said on Monday (October 30) that the worst period of the Chinese real estate crisis has passed.
According to the Wall Street Journal, HSBC CEO Noel Quinn said after the bank announced the third quarter financial report that the Chinese government's efforts to support the real estate industry are playing a role.
Qi Yaonian said: "They have launched very in -depth and hard work in a short time."
He also said: "The industry has now been adjusted, it has been significantly significantly, it has been significantly significantly largeAdjust down, and now try to gradually rebuild yourself ... The real estate industry itself has bottomed out, and it must be recovered from this new lower level.The largest bank is a leading loan institution in Hong Kong and has been expanding in mainland China.
Before Pi Yao Nian delivered a speech, the bank allocated about 500 million US dollars (the same, about S $ 685 million) to cover mainland commercial real estate, including office buildings, industrial and residential houses.Real estate expected credit losses.
In the first nine months of this year, the bank had allocated $ 800 million to cover the loss of Chinese real estate.
