LOCAL property developers have been moving cautiously in China in any case.
So far the projects they have become involved with have tended to bring strategic rather than financial gain.
Most of Hong Kong's blue-chip property firms are not anticipating real earnings flow from mainland projects until well into 1995 and 1996.
A lot of their land holdings are on their books at nil value, so mainland assets have made little impression on net asset values.
Baring Securities bears this out in its latest quarterly Hong Kong stock market review.
It showed that the top 58 companies followed by the brokerage had a combined exposure to China amounting to only two per cent of net asset value.
The highest penetration of China assets was at Kumagai Gumi (88 per cent), Shangri-La Asia (62 per cent), Yue Yuen (41 per cent), Johnson Electric (17 per cent), CITIC Pacific (12 per cent) and Hopewell (12 per cent).
