HSBC sells property advice unit

Managers at HSBC’s property advisory unit Property Vision Holdings are set to buy the subsidiary from the bank, it was announced yesterday. PV Acquisition is expected to complete the takeover later this quarter. The unit has gross assets of $7.2m (£4.46m) at the end of June. HSBC did not disclose the purchase price, but did explain that this sale is part of its broader strategy of disposing of non-core parts of the banking group.