Hong Kong tycoon Li Ka-shing’s business empire is under fire after his company sold its Panama Canal port assets to a consortium that includes US investment firm BlackRock Inc., angering Beijing.
Li, 96, is one of the world’s richest people with a net worth of $38 billion. His conglomerate owns assets in various industries, including properties, supermarkets, and telecommunications. The sale of the ports has raised concerns about the balance between demands from Beijing for national loyalty and Li’s own capitalist interests.
The deal, valued at nearly $23 billion, will give the consortium control over 43 ports in 23 countries. However, it does not include ports in Hong Kong or mainland China. CK Hutchison Holdings, controlled by Li’s family, made the announcement on March 4, citing a purely commercial decision.
Beijing has been critical of the deal, with state-backed media outlets describing it as a betrayal and calling for Li to consider which side he is taking. The US President Donald Trump has welcomed the deal, but Beijing’s stance remains unclear.
The situation highlights the challenges Hong Kong businesses face in balancing demands from Beijing with their own interests. Experts say that the sale of strategic assets like ports can have geopolitical implications and that Li may try to placate critics by investing in projects aligned with Beijing’s policies.
However, relations between private businesses and Beijing remain uncertain. The Trump administration could hit back with more sanctions and restrictions on Hong Kong and Chinese businesses if Beijing steps up pressure on Li to scrap the deal.
Source: https://apnews.com/article/hong-panama-ports-hutchison-china-shing-9edc99b46ee671d76d360d3b9bd506da