Chinese Banks Challenged as Economy Wobbles and Property Market Woes Mount
- Major Chinese banks CCB, CMB and Bocom to announce results
- Baidu, NetEase also report as uncertainty grips tech sector
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Chinese banks reporting earnings this week are wrestling with a range of operating challenges as the economy and the property market wobble.
China Construction Bank Corp., Bank of Communications Co. and China Merchants Bank Co. may face heavier provision burdens in the second half of 2023 and early 2024 after developer Country Garden Holdings Co. failed to pay dollar bonds on time. The banks also face scrutiny after embattled shadow bank Zhongrong International Trust Co. missed payments on dozens of products and planned to restructure debt.