Standard Chartered is the latest bank to express reassurances to the market that its exposure to the property market is limited with no expectations of significant impact from Evergrande's downfall.
Standard Chartered has no «concerning exposures to the property sector», according to group chief executive Bill Winters in a «Bloomberg» interview, who added that market worries about Evergrande has been overstated as Chinese authorities won’t allow the situation to escalate to a systemic crisis.
«This idea that this was something of a Lehman moment for China: I don’t think China’s frankly that dumb,» he explained.
The comments contrast with those of HSBC CEO Noel Quinn who was relatively more cautious and underlined the potential for «second-order and third-order impact», though he also reassured markets that the rival British lender had no concerns about exposure to Chinese commercial real estate.
