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2021-09-24

HSBC UK’s biggest bank is heavily exposed to Evergrande and the Chinese real estate market

Despite being headquartered in the UK, HSBC is first and foremost an Asian bank — and always has been. 

Like its UK-based arch-rival Standard Chartered, it cut its teeth in Greater China in the 19th century (largely laundering the proceeds from the British East Indian company’s opium trade).

Also, China still hasn’t fully forgiven HSBC for ratting out Chinese telecom giant Huawei to the U.S. Department of Justice for breaching U.S. sanctions on Iran. The information provided by HSBC led to the arrest of Meng Wanzhou, Huawei’s chief financial officer and daughter of the company’s founder

Nick Corbishley September 24, 2021 via naked capitalism

https://www.nakedcapitalism.com/2021/09/is-hsbc-beginning-to-regret-betting-the-bank-on-china.html 

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