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HSBC’s exposure to commercial property crisis in Hong Kong revealed

HSBC has reported a spike in defaults on Hong Kong commercial property loans. The London-headquartered bank had $3.2bn in ‘credit impaired’ commercial real estate loans to Hong Kong clients as of 30 June, up six-fold from just $576m six months earlier, according to its financial report for the first half of this year.

However, as Hong Kong’s commercial property slump drags on, Chinese state money has emerged as one of the few pillars of support. Chinese firms have become active buyers in the city’s flailing real estate market, snapping up shopping malls and offices as local and international investors pull back. While deal sizes are smaller than during Hong Kong’s heyday six years ago, the purchases underscore the financial hub’s ever-increasing reliance on Chinese money.

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