Without a single exception
Henry Yiheng Zhao, "Why Jin's (金庸) Martial Arts Novels Are Adored Only by the Chinese":
For more than half a century since their publication from mid-1950s to the early 1970s, Jin's fourteen martial arts novels have been enjoying sustained popularity among Chinese readers wherever they are and of whichever age, class, or social group and it was estimated in 2004 that Jin's novels sold 300 million copies around the world [...] What deserves scholarly attention is the fact that the translations of those novels into Western languages have failed, without a single exception. Up to the present day, only three out of Jin's texts have been translated to English: Fox Volant of the Snowy Mountain (Trans. Olivia Mok, 1996), The Book and the Sword (Trans. Graham Earnshaw, 2001), and The Deer and the Cauldron (Trans. John Minford, 1997-2002). The problem with regard to the lack of the translation of Jin's novels does not rest on language or narrative style because their style could be domesticated in the target language and culture. Further, Jin's novels are read also by diaspora Chinese who cannot read Chinese fluently, but who share the same aesthetic and ethical expectations as native Mainland Chinese. [...] At the same time [...] martial arts enjoys popular appeal because of actors such as Bruce Lee, Jet Li, Jacky Chan, and the like. Films in particular made Kungfu popular, for example by The Matrix Trilogy or by Hidden Dragon Crouching Tiger. [...] The only conclusion I can draw from this situation is that there must be a unique Chinese mentality and structure of cultural references in Jin's novels which appeal to Chinese readers only.
To spoil the ending, Zhao argues that Jin's novels are popular because they are so temperate in ethical outlook. He doesn't however directly address the question of why this shouldn't be popular outside China (except I suppose implicitly, in an argument of the form "China's culture is like this, therefore other cultures are not," but I don't find that especially satisfying).
I've never read any of Jin's work, but to judge from the descriptions in this paper the real problem might be much more concrete: his novels assume knowledge of Chinese history (both recent and older) that non-Chinese readers do not as a rule have. A good translation for popular consumption will, of course, find some way to explain these things, but it's obviously not the same as having carried the stories around in your head since your formative years, and the emotional resonance and general interest will inevitably suffer.
jdmartinsen:
The paper overlooks the fan translations that have been produced online for most if not all of Jin Yong's work. Web forums seem like a more natural home than a university press for translations of martial arts stories that were originally serialized in newspapers (and later read in mainland China in pirated editions).