Chinese property developers have retreated sharply from Hong Kong’s booming land market, becoming the latest industry to be dented by Beijing’s capital controls and intensified scrutiny of outbound transactions.
Chinese developers won 11 per cent of bids by value in Hong Kong government land auctions since April, down from about 50 per cent in the preceding two years, according to an analysis of official data by Standard & Poor’s, the debt rating agency.
A range of Chinese companies, including debt-laden conglomerate HNA and developer China Vanke, piled into the Hong Kong property market over the past few years in an effort to capitalise on the surge in prices in the semi-autonomous Chinese territory.
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