HSBC's Wong Says Current Crisis `Worse' Than 1997, Singtao Says

By Chia-Peck Wong

Oct. 5 (Bloomberg) -- The impact of the global credit crisis will be more severe than the 1997 Asian financial crisis, Hong Kong-based Singtao Daily cited Peter Wong, executive director at HSBC Holdings Plc's Asia-Pacific unit as saying.

Hong Kong's exports would be affected while sentiment has been hit by declines in the stock market, the daily quoted Wong as telling a radio station. The financial system will take longer to recover than a decade ago, Wong said.

Companies in Hong Kong would have to control costs, though Wong said there haven't been signs of mass lay-offs, Singtao reported. Still, Hong Kong's banking system and mortgage market is healthy, he said.

To contact the reporter on this story: Chia-Peck Wong in Hong Kong at cpwong@bloomberg.net