US EditionHong Kong’s richest man is in hot water over his company’s Panama Canal ports deal
- CK Hutchison shares dropped more than 6% after China criticized its deal with BlackRock for ports in Panama, as reported by Ta Kung Pao and CNN.
- A consortium led by BlackRock is planning to spend $22.8 billion to buy ports from CK Hutchison, which includes a significant interest in various international ports.
- China labeled the proposed sale a "betrayal" of the Chinese people, urging CK Hutchison to reconsider its involvement, according to commentary from Ta Kung Pao.
- The Panama Canal, key to international trade, was handed over to Panama in 1999, and 4% of the world's maritime trade passes through it.
166 Articles
166 Articles
Beijing Puts Its Thumb on Panama Canal Deal
News Analysis Beijing is meddling in a pending sale of port rights from a Hongkonger-owned company to a U.S. business consortium led by BlackRock, according to a China expert. The deal announced on March 4 involves 43 ports in 23 countries. However, two ports—Balboa and Cristobal—in the bundle are receiving disproportionate attention because they are at the Panama Canal. The seller, CK Hutchinson, is owned by Li Ka-shing, an iconic billionaire i…
He loved Hong Kong’s greatest fortune, called it “Superman” and was now involved in a geopolitical dispute with China over the Panama Canal
HONG KONG.- In the vibrant city of Hong Kong, where towering skyscrapers rise above the port and lights never go out, Li Ka-shing’s name resonates with almost mythical power. At 96 years old, the tycoon, known as “Superman”, is among the 50 richest people in the world, with an estimated $38 billion worth of wealth, according to Forbes. His empire, built over decades, encompasses key sectors such as real estate, supermarkets, telecommunications a…
CK Hutchison Flags Political Risk as Port Deal Upsets China
(Bloomberg) — CK Hutchison Holdings Ltd. warned of a deteriorating global business environment due to geopolitical and trade tensions, as the Hong Kong conglomerate reported weaker-than-expected profit while a ports sale plan faces uncertainty after infuriating Beijing.
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