Major Hong Kong property developers are shifting their investment focus in mainland China from residential projects to commercial assets, including hotels, in response to weak residential sales and fewer investment opportunities. They are instead prioritizing existing properties, recurring income, and debt reduction. The four major developers—CK Asset, Henderson Land, Sun Hung Kai Properties, and New World Development—have seen a significant drop in their sales revenue from the mainland. For instance, CK Asset's and Henderson Land's mainland revenue contributions fell from 52% and 25% a year ago to 2% and 4% respectively. Since 2023, these four developers have stopped acquiring residential development land through public tenders. Companies like Kerry Properties have begun purchasing commercial land in the mainland and investing in shopping malls, hotels, and mixed-use developments, aiming for long-term stable recurring income.