Mainland Chinese property companies are scaling back their presence in Hong Kong as they struggle to deal with a liquidity crisis that has rocked the sector and forced the world’s most indebted developer Evergrande to default.
Cash-strapped property company Kaisa, the Chinese sector’s second-biggest offshore bond issuer after Evergrande, sold an entire floor at The Centre, a prime office tower in Hong Kong’s central district in December.
Property agents said China Aoyuan, a developer based in the southern Chinese city of Guangzhou, has tried to sell a 117,000 sq ft office building in Hong Kong’s Kowloon district that it had been hoping to redevelop.
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