HSBC to invest 3 bln yuan in Chinese companies – Xinhua English.news.cn

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A Chinese national flag flies outside the headquarters of HSBC in Hong Kong, China July 28, 2020. REUTERS/Tyrone Siu/File Photo

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HONG KONG, June 1 (Reuters) – HSBC Holdings (HSBA.L) plans to invest more than 3 billion yuan ($448 million) in its China operations, chief executive Noel Quinn told the news agency. official Xinhua press, saying he saw challenges for the economy. but also investment opportunities.

Quinn said the investment would be made over a five-year period running through 2025 without specifying which divisions would receive the money.

As Shanghai’s COVID-19 cases began to decline after a two-month lockdown, Quinn said the challenges China’s economy faces should not be “underestimated”.

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“We expect some market volatility to continue in the near term,” he said in an interview with the news agency.

“But we also see an economy in China that has demonstrated its resilience and still presents long-term growth potential and attractive opportunities for foreign businesses and investors.”

HSBC now owns 90% of its Chinese securities joint venture.

($1 = 6.6965 Chinese Yuan)

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Reporting by Scott Murdoch; Editing by Jacqueline Wong

Our standards: The Thomson Reuters Trust Principles.

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