City Of London
HSBC Boss Sees Two More Years of China Commercial Property Woes
- Market correction was faster than anyone expected, Quinn Says
- Leverage clampdown, Covid Zero policy weigh on property sector
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The “massive” correction to China’s commercial real estate market may have at least another two years to run, according to HSBC Holdings Plc Chief Executive Officer Noel Quinn.
“It’s a faster correction and a more decisive one than I was expecting, or I think anyone was expecting, and I think it’s got quite a while to go before it really stabilizes,” Quinn said at a Bank of America Corp. conference on Tuesday. “You could be looking at another two plus years of correction.”