Gale Well selling $386 million in assets in Hong Kong

Hong Kong property firm Gale Well is selling US$386 million in assets, including commercial properties and luxury residences, due to a downturn in the property market. The company faces pressure from banks, which are tightening loan conditions and calling in loans. Many property owners are struggling financially, leading to a rise in distressed sales. Gale Well plans to sell about 10% of its portfolio to improve its loan ratio and satisfy bank requirements, despite not having any loans called yet.