Credit Risk: Property Industry

I am currently working on researching warning signals from a credit risk perspective, and I am focusing my credit risk research on Hong Kong property industry, so therefore I would like my help to be focus on Sun Hung Kai Properties developer.
Can you please use about 100-200 words to summarize what are the key warning signals for public listed property companies, and that is from a credit risk perspective.

For key warning signals, so far I can think of below, feel free to let me know if I am missing anything:
-Country Risk
-Regulation limitation such as law changes
-Internal management risk
-Omnipotent Risk
-Black Swan Risk

Do you agree I am accurate on above warning signals indicator?
Can you please use a few key example (e.g. news from the last five years) to show me what are the key warning signals that occured to Sun Hung Kai Properties in the past? Please use financial news to support your answers so that I can have an easier understanding.

Thanks a lot, please be as detail as possible as your information will be to help me on my Master degree research, your professional view will be highly appreciated.

Thanks

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