"We are performing... delivering good earnings... increase of dividend by 14%." Regarding Hong Kong CRE: "We continue to believe that this is a cycle... we already see signs of normalization." Despite a $700m charge on commercial real estate, the bank is beating earnings and hiking dividends. The CEO is explicitly calling a bottom/normalization in the Hong Kong property market, suggesting the worst of the provisions may be past. LONG on yield and recovery thesis. Hong Kong commercial real estate fails to stabilize; further Chinese economic deterioration.