Hong Kong tycoon Li Ka-shing is facing backlash from Beijing after his business empire, CK Hutchison Holdings, sold its Panama Canal port assets to a consortium including US investment firm BlackRock Inc. The deal has raised concerns about the influence of private businesses in Hong Kong and their loyalty to the Chinese government.
Li, 96, is one of the world’s richest people with a net worth of $38 billion. His business empire touches almost every aspect of daily life in Hong Kong, from properties and supermarkets to telecommunications and utilities. The deal, valued at nearly $23 billion, will give the consortium control over 43 ports in 23 countries.
Beijing has expressed anger over the deal, with some state-backed media outlets accusing Li of betraying China. The Chinese government has also been critical of Hong Kong’s handling of protests in 2019, which saw pro-democracy supporters clash with police.
The situation highlights the difficulties faced by Hong Kong businesses as they balance demands from Beijing for national loyalty with their own capitalist interests. Experts say that relations between private businesses and Beijing remain uncertain, and even Chinese President Xi Jinping’s recent meeting with business leaders may not be enough to ease tensions.
Li could try to placate critics by using proceeds from the sale for investments aligned with Beijing’s policies, but this may not address the underlying concerns about Hong Kong’s autonomy. The situation shows that Washington’s concerns about Hong Kong’s business autonomy are valid, and Beijing’s actions may have serious consequences for the territory’s economy and international relations.
Source: https://abcnews.go.com/Business/wireStory/hong-kongs-richest-man-li-ka-shing-hot-119974504