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China debt crunch

Hong Kong's Bank of East Asia burned by China property loan losses

Lender's net profit sinks by almost half for January-June period

Hong Kong's Bank of East Asia posted a 43.9% drop in net profit for the first half on a rise in impairment charges for loans made to the mainland Chinese property sector. (Photo by Kenji Kawase)

HONG KONG -- Bank of East Asia's bottom line plunged during the first half of the year, owing to a spike in impairment charges on loans to mainland China's struggling property sector.

The major Hong Kong-based lender reported on Thursday a net profit of 1.49 billion Hong Kong dollars ($191 million) for the first six months of 2022, down 43.9% from a year earlier.

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