The HK government has billions in UK assets (about £20bn in cash and liquid assets, about £2.5Bn in property in London alone and about ten times that spread across the UK). A regime of sanctions could do considerable damage to those with large amounts of wealth invested in the UK. The question is whether those people are the ones that the UK government want to actually sanction.
Do countries usually allow their assets and property to be owned by adversaries? I know China owns $1261.3B USD US Treasury Securities at Jun 2020. But owning cash, liquid assets, and property is more dangerous for the US and UK UK, because US and UK can just "expropriate Chinese property in the United States . . . [and] cancel Chinese-held treasury debt" even if this improbable. But US and UK can't seize cash, liquid assets owned in China banks!
Please see subject line. I Googled but couldn't find this. I hope it's not in Chinese! I don't know a word.