Hong Kong markets watchdog says sees no systemic risk to city from China property turmoil

HONG KONG – Hong Kong’s Securities and Futures Commission has looked very closely at financial institutions in the city’s exposure to China’s troubled property sector and has not seen any systemic risks for the financial hub, the SFC’s CEO told a media briefing Friday.

In the latest sign that China’s snowballing property debt crisis is extending beyond just beleaguered China Evergrande Group, Shenzhen-based homebuilder Kaisa Group Holdings said Thursday it is facing unprecedented liquidity pressure due to a challenging property market and rating downgrades.

(Reporting by Alun John; Editing by Raissa Kasolowsky)