Almost three-quarters of HSBC’s Hong Kong commercial property loan book was flashing warning signs by the end of June, as a prolonged slump in retail spending and sluggish demand for office space weigh on Europe’s largest bank.
HSBC is Hong Kong’s largest lender and the territory is the single largest source of income for the bank by geography. HSBC has made $32bn of commercial real estate loans in the territory, out of a $234bn Hong Kong loanbook.
Hong Kong’s prime office rents have fallen more than 20 per cent since 2022, and vacancy rates are at record highs of about 19 per cent, according to commercial real estate group Cushman & Wakefield.
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