The CEO of ABB, a Swedish-Swiss Engineering group, expressed disappointment with the state of the Chinese market and expects challenging conditions for the rest of the year. A decline in Chinese real estate development and high debts in the sector have impacted ABB's residential construction segment. China, ABB's second-largest market, has shown signs of weakness, with the company's order intake declining 9% in the country. Despite this, ABB sees growth in the global electric mobility sector, particularly in China. ABB is planning an IPO for its e-mobility business and believes there is high potential for growth in the green energy sector.

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