Louis Goss is a MarketWatch reporter based in London.
Shares in Standard Chartered plunged on Thursday after the British bank posted a 54% drop in its pretax profits, due to a nearly $900 million hit to the value of its Chinese real estate and banking divisions.
The losses came as the Asia-focused bank recorded nearly $1 billion worth of impairment charges, including a $697 million hit to its China Bohai Bank business and a $186 million drop in the value of its Chinese commercial property portfolio. Standard Chartered noted that buyer confidence remains “subdued” despite Chinese government efforts to stimulate the country’s property market.
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