香港特别行政区企业部门脆弱性：香港特别行政区

Corporate SectorVulnerabilities in HongKong SAR Phakawa Jeasakuland Hong Xiao SIP/2025/050 IMF Selected Issues Papers are prepared by IMF staff as background documentation forperiodic consultations with member countries.It is based on the information available atthe time it was completed on January 13, 2025. This paper is also published separately asIMF Country Report No 25/16. 2025MAY IMF Selected Issues PaperAsia and Pacific Department Corporate Sector Vulnerabilities in Hong Kong SARPrepared by Phakawa Jeasakul and Hong Xiao Authorized for distribution by Thomas HelblingMay2025 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on January 13, 2025. This paper is also published separately as IMF Country Report No 25/16 ABSTRACT:Hong Kong SAR’s corporate sector vulnerabilities appear manageable but have increased inrecent years. Local non-real estate firms have seen weakening profitability and lower debt-servicingcapacity, reflecting pandemic scarring effects and higher funding costs driven by the hiking cycle ofU.S. monetary policy. While, on aggregate, their leverage level and liquidity appear manageable, thereis high heterogeneity across firms, with smaller listed firms appear to be more vulnerable. As for thelocal real estate firms, they are exposed to changes in property prices given theirsizeableholding ofinvestment properties and inventory. However, their relatively low leverage helps mitigate risks.Mainland Chinese firms listed in Hong Kong SAR show risingfinancialvulnerabilities, primarily due toweakening profitability and property market adjustment that have adversely affected propertydevelopers’ balance sheets. Proactive efforts are warranted to ensure effective monitoring andmanagement of financial vulnerabilities in the corporate sector, including ensuring banks’ proactivemanagement of nonperforming assets, assessing the impact of the ongoing property marketadjustments, and calibrating policies to support small businesses appropriately. RECOMMENDED CITATION:Jeasakul, P., and H. Xiao (2025). Corporate Sector Vulnerabilities in Hong KongSAR. IMF Selected Issues Paper, Asia and Pacific Department, SIP/2025/050. Washington, D.C.: InternationalMonetary Fund. Corporate Sector Vulnerabilities inHong Kong SAR Hong Kong SAR Prepared by Phakawa Jeasakul and Hong Xiao ©International Monetary Fund. Not for Redistribution ©International Monetary Fund. Not for Redistribution ©International Monetary Fund. Not for Redistribution ©International Monetary Fund. Not for Redistribution ©International Monetary Fund. Not for Redistribution