HONG KONG firms with high exposure to property in China could see a nasty knock in their 1994 profit figures. With the interim reporting season now in full swing, analysts are expecting those listed companies which are heavily committed to property development in China to begin making provisions against their profits. ''You can expect those manufacturing companies which are running the more marginal developments in southern China to start writing down these projects,'' Nichols Pang, property analyst at Crosby Securities, said. While the large developers are running better-located projects in China, they may not be immune from the profit squeeze. ''I worry where New World is going to generate profit growth from. It has billions of dollars committed to China representing huge financial risk and with the human resources it will have to commit to these projects much of its capital will be tied-up in a market which could add very little to its bottom line'' SBCI property analyst Adrian Ngan said. Kumagai Gumi, which is running a large development in Shenzhen, had over-estimated the contribution to earnings, and developer Tian An China was likely to post lower-than-expected figures for 1994, an analyst at Credit Lyonnais Securities said. Tian An China had been too conservative and concentrated heavily in industrial developments which were unlikely to register significant growth, Mr Ngan said. In general, developers could quantify the risk of property development in China much better than the manufacturing companies, which obtained good land deals with local officials in the late 1980s, but had little experience in property development, Mr Pang said.