HSBC CEO Noel Quinn spoke with media, saying the worst of China's real-estate crisis is over, the government efforts to ease the sector's debt-implosion were working:

  • "They went very deep and hard over a short period of time,"
  • "The sector has now adjusted, it's adjusted dramatically downwards, and it's got to try and rebuild itself over time...The sector itself has bottomed and it has to recover itself from that new lower position.”

Info comes via the Wall Street Journal (gated).

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