China Woes Hit Global Banks as StanChart Shares Slump on Results
- British lender’s London-traded shares tumble most in 11 years
- Difficult to call bottom of China property crisis: CFO Halford
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Standard Chartered Plc is setting aside more cash to cover China-related losses, underscoring how a property crash and slowing growth in the world’s second-largest economy is hitting international banks. Shares tumbled.
The British lender said Thursday that it took a $186 million charge on Chinese real estate and an impairment of $700 million on China Bohai Bank, in which it has a 16% stake. Separately, Nomura Holdings Inc. is overhauling its China business after losses there snowballed, Bloomberg News reported Thursday.