Taiwan’s biggest financial conglomerate has cut back on its exposure to China as it braces for any deeper fallout from the property crisis in the world’s second-largest economy.
Fubon Financial Holding, which operates banks and insurance companies, has been capping its risks in China over the past few years during Covid, and is now prepared for even deeper turmoil.
Stalled payments revealed over the past week at the Chinese shadow bank Zhongzhi Enterprise has ratcheted up concerns over growing contagion from the country’s distressed property sector and weakening economy. Country Garden, once China’s biggest developer, is teetering on the edge of defaulting. Fubon isn’t alone in paring down in China among Taiwanese banks, but total financial activities exposed to the mainland still sit at more than NT$1 trillion as of June, according to the Financial Supervisory Commission.
The firm is now looking to moderately increase its US-dollar bond positions as yields rise to favorable levels, according to Harn.
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