HSBC Holdings Plc and Standard Chartered Plc raised Hong Kong mortgage rates for the first time since 2011, after the banking regulator tightened risk rules on concern a property bubble may undermine financial stability.
Hong Kong’s new leader is taking up the battle his predecessor failed to win, seeking to overcome record low mortgage rates and an influx of Chinese buyers to make housing in the world’s most expensive city more affordable.
HSBC Holdings Plc, Europe’s largest bank, plans to cut about 3,000 jobs over the next three years in Hong Kong, or 13 percent of its staff in the city, as part of global efforts to reduce costs and boost profitability.
Hong Kong would “absolutely” welcome London-based banks HSBC Holdings Plc and Standard Chartered Plc if they decided to move headquarters to the former British territory, according to Chief Executive Donald Tsang.
HSBC Holdings Plc agreed to sell its stake in China’s Ping An Insurance (Group) Co. to Thai billionaire Dhanin Chearavanont for $9.4 billion as Europe’s biggest bank by market value moves to revive profit and boost capital.