Property-related income remains crucial for Hong Kong's public and government-related entities (GREs) to maintain essential public services, S&P Global Ratings said in a Monday release.

Despite a property downturn that has dampened income from the segment, GREs face significant capital expenditure and investment needs that would potentially require external funding, S&P credit analyst Ricky Tsang said.

Entities like the Urban Renewal Authority and MTR would likely receive extraordinary government support in case of stress, although the level will depend on the importance of each entity, according to the rating agency.