Web Stories Thursday, February 29

LONDON: HSBC is well provisioned against further China real estate losses, its CEO Noel Quinn said on Wednesday (Nov 29), amid a slump for the country’s property market that has led to bank writedowns in recent quarterly earnings.

Quinn reiterated that he felt the China property market had bottomed out, but said collateral consequences would potentially cause further losses for some banks.

“We feel as though we’re well provisioned,” Quinn told the Financial Times’ Global Banking Summit event in London.

The HSBC CEO also said he did not take a “burner phone” into Hong Kong, where thousands of the lender’s employees and clients are based, following media reports that some Western firms had encouraged staff to do so in view of escalating security concerns.

Quinn said he took two phones, two iPads and a laptop into Hong Kong and mainland China, but said the number of devices reflected splitting business and personal devices.

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