Another Hong Kong-listed Chinese property company has put out the begging bowl. On Monday, Agile Property announced terms for the sector’s third capital raising in two months. Shareholders can take one new share for every five they hold at a price of HK$4, a 31 per cent discount to the price before the announcement. This will raise about HK$360m.

Country Garden began this run of cash calls late last month with a heavily discounted (also 31 per cent) 1 for 15 rights issue amounting to HK$400m. Yuexiu Property followed in early September offering 33 shares for every 100; a deal worth nearly HK$500m which came at a 25 per cent discount.

The sector has swooned as the cash calls have mounted. And there may be little hope for a short term fillip from the government. Recent economic data have spooked the market with fears of a slowdown. House price data from the National Bureau of Statistics show August prices falling month on month in all but two cities, an unwelcome trend given that floor space under construction rose 18 per cent year on year in the same month. But at the weekend, finance minister Lou Jiwei backed away from encouraging stimulus speculation, deflating the excitement that followed last week’s short term liquidity injection.