Of the total, $3 billion was related to BoCom, one of China’s biggest banks, while $2 billion was from selling its retail banking business in France. Separately, HSBC made $3.4 billion in provisions to cover expected credit losses and other charges related to its exposure to the commercial real estate sector in mainland China. The property market has since entered a prolonged slump, marked by an ongoing decline in real estate investment and sales of property. The charges reported by HSBC cast a shadow over its record annual profit, which came in at $30.3 billion, up 78% from 2022. In October, rival Standard Chartered reported a $186 million credit impairment charge related to commercial real estate in the country.

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Persons: “, Matt Britzman, Hargreaves Lansdown, Mark Tucker, — Hanna Ziady Organizations: Hong Kong CNN — HSBC, China’s Bank of Communications, HSBC, HSBC isn’t, Chartered Locations: China, Hong Kong, Asia, France, BoCom, Mainland China