StanChart’s losses from Chinese property crisis ‘quite painful’ but ‘not outsized’, says CEO

The Chinese property crisis will not go away anytime soon, and Standard Chartered’s losses in China due to the downturn in the real estate market there was “quite painful” but “not outsized at all”, said the bank’s CEO Bill Winters. In fact, StanChart doubled its operating profits in China in the past two years, and generated US$1.4 billion in profits last year, he said. Mr Winters, who was speaking exclusively to CNA, said he thinks the world’s second-largest economy has had a few tough years but is “structurally in extremely good shape”. Read more: https://cna.asia/4ay49D4 Subscribe to our channel here: https://cna.asia/youtubesub Subscribe to our news service for must-read stories: Telegram - https://cna.asia/telegram WhatsApp - https://cna.asia/whatsapp Follow us: CNA: https://cna.asia CNA Lifestyle: http://www.cnalifestyle.com Facebook: https://www.facebook.com/channelnewsasia Instagram: https://www.instagram.com/channelnewsasia Twitter: https://www.twitter.com/channelnewsasia TikTok: https://www.tiktok.com/@channelnewsasia