China halts deals with Li Ka‑shing over port sale to US group
Authorities in the People's Republic of China have instructed state-owned enterprises to halt new transactions with companies associated with Hong Kong billionaire Li Shing, Bloomberg reported. This decision stems from dissatisfaction with Li's plans to sell ports in Panama to an American consortium.
Hong Kong-based conglomerate CK Hutchison, owned by the 96-year-old Li, agreed in March to sell most of its global port operations, including assets near the strategically important Panama Canal, to the American investment company BlackRock.
Recent media reports suggest that this decision has led to discontent in Beijing. The pro-Beijing Hong Kong newspaper "Ta Kung Pao" published articles criticising the deal, which, according to the paper, "harms Chinese national interests."
The entire society claims that the forced sale of ports by the US is a short-sighted move that will only stoke the flames of hegemony, as highlighted in publications on the websites of two Chinese government departments responsible for matters related to Hong Kong.
According to Bloomberg, citing sources familiar with the matter, Beijing's directive issued last week does not affect existing relationships with Li's and his family's enterprises.
The Panama Canal and Trump's call
However, according to Bloomberg's analysis, the Chinese government pressured Li, as the deal placed his conglomerate's leading company at the center of ongoing tensions between the United States and China.
US President Donald Trump, who has repeatedly called for the "recovery" of control of the Panama Canal, which he claims is under Chinese control, commended the transaction.
