HSBC Holdings reported a 26% drop in pretax profit in the first half due to write-downs from exposures to a Chinese bank and Hong Kong real estate, as CEO Georges Elhedery pushed ahead with a global restructuring.

The bank posted a profit of $15.8 billion for the first six months, missing estimates and causing London-listed shares to fall 4.5%.

HSBC took a $2.1 billion hit from its stake in state-run Bank of Communications, with CEO Elhedery downplaying the impact on dividends.

Expected credit losses grew by $900 million to $1.9 billion, partly due to exposure to Hong Kong’s troubled commercial real estate sector.

HSBC warned that U.S. President Trump’s trade tariffs could impact profitability targets and disclosed a loss of $1.4 billion from selling a mortgage portfolio in France.

The bank announced a new $3 billion share buyback and interim dividend of 10 cents a share, as it seeks to find a replacement for Chairman Mark Tucker.

Read more at Yahoo Finance: HSBC profit tumbles as China losses mount