HSBC’s Hang Seng Bank Posts Surge in HK Property Impairments
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Hang Seng Bank Ltd., a Hong Kong lender controlled by HSBC Holdings Plc, recorded a surge in credit impairment on commercial real estate as the city’s economic struggles are starting to spill over on local lenders.
The lender’s credit impaired gross loans and advances jumped to HK$19.8 billion ($2.6 billion) at the end of last year, up from HK$1.08 billion in Dec. 2023.