HSBC’s Quinn Says China Commercial Property Hit Lowest Point
- CEO Noel Quinn makes comments on real estate on Bloomberg TV
- Sharp reversal for sector unlikely after downturn, Quinn says
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HSBC Holdings Plc Chief Executive Officer Noel Quinn said China’s commercial property sector has reached a trough, but investors shouldn’t expect a swift reversal following the recent downturn.
“The commercial real estate market in China has had a huge policy correction and I think we are at the bottom of the market,” Quinn said on Bloomberg TV from London Monday. “But it will take quite a while for that market to recover and regain momentum. So I am not expecting a massive reversal in that sector in the next 12 months or so, but I do expect it to be a gradual improvement from where we are.”