China’s property crisis has ‘bottomed out’, says HSBC boss

The crisis in China’s property market has bottomed out, HSBC’s chief executive has said. Noel Quinn said the “the bottom of the market” had been found because of interventions by the Chinese government. These have included measures to curb the over-supply of property, such as restrictions on land sales, and encouraging lower prices to spur demand. Quinn added that the focus would switch soon to a gradual recovery. Quinn’s comments came as China Evergrande Group, the world’s most indebted developer, was given a final chance by a high court judge in Hong Kong to come up with a deal on its debt or face being wound up. A winding-up hearing, initially scheduled for yesterday, was adjourned until 4 December. Justice Linda Chan said it would be the last hearing before a decision was made. The Times (£)The Telegraph (£)