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China property sector woes weigh on HSBC and StanChart

Spike in impairment charges reflect cautious outlook

HSBC said a large portion of its impairment charges for the first half was from its exposures to China's commercial real estate sector. (Photo by Kenji Kawase)

HONG KONG -- HSBC on Monday reported better-than-expected results for the first half of the year, but joins other major banks in the city in signaling a cautious outlook for China's commercial real estate sector.

HSBC is headquartered in London but has long had a major presence in Asia, mainly in Hong Kong and mainland China. For this reporting period, it churned out $6.3 billion, or almost 70%, of its pretax profits in the region.

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