Posted 10/30/2023, 2:27:00 PM
HSBC CEO Sees China Property Crisis Easing After Policy Shift, But Cuts Growth Forecasts on Market Woes
- China's property crisis past worst after policy change, says HSBC CEO
- Bank sets aside $500m for losses, cuts China growth forecasts
- HSBC CEO says property market will stabilize, improve gradually
- Blames "huge policy correction" for property slump
- Bank also cuts China GDP forecasts on property woes
- But CEO expects gradual recovery in sector over next year
- Comes as Evergrande gets last chance to avoid liquidation