Mainland is better investment bet: Citic

Citic Pacific, the Beijing-backed Hong Kong conglomerate, said there were no good investment opportunities in the former British colony in reaction to concerns from ratings agencies over its recent decision to switch its focus to mainland China, the Financial Times reported. Citic Pacific last month sold a large stake in a prime shopping mall in the territory and said it intended to offload further investments there, in favor of mainland projects. The move prompted ratings agency Moody's to cut the company's outlook from stable to negative on concern over the effect of China's more volatile businesses on Citic's rising revenue contributions. Citic defended its move, claiming it was prompted by slowing investments in Hong Kong infrastructure businesses in recent years caused by the government making fewer projects available and high land prices that restrict the expansion of its local property operation.