February 18 marks five years since Beijing unveiled its blueprint to turn the Greater Bay Area into a hi-tech powerhouse by 2035. The region of more than 86 million people covers Hong Kong, Macau and nine Guangdong cities. In the third of a four-part series, Enoch Yiu looks at Hong Kong's progress in becoming the de facto wealth management hub for the wealthy, and what needs to done to stay on top. In the five years since Beijing rolled out a blueprint for the Greater Bay Area, Hong Kong has sol
HONG KONG/SHANGHAI, Feb 16 -
HSBC plans to tighten risk management at Hong Kong unit
Hang Seng Bank due to worries about a potential rise
in bad loans amid growing.
HSBC plans to tighten risk management at Hong Kong unit Hang Seng Bank due to worries about a potential rise in bad loans amid growing economic headwinds and property sector crisis in China, said two people with knowledge of the matter. Hang Seng's top executives will be more closely involved in its parent's Asia-Pacific risk management discussions regarding corporate, retail, wealth and private banking, the people said. The initiative comes as HSBC's pivot toward Asia coincides with economic turmoil in mainstay market China, where a stock rout and developer debt defaults have triggered concern about financial sector health in the world's second-biggest economy.