Our Planet Climate and Geopolitics
China has instructed state-owned firms to cease all business with Hong Kong billionaire Li Ka-shing after his ports company, CK Hutchison, sold its assets on the Panama Canal to BlackRock.
The highly politicised deal, which was celebrated by Donald Trump as a reclaiming of the waterway from Chinese influence, is expected to earn Li more than $19 billion.
BlackRock is however acquiring 43 ports from CK Hutchison globally, only two of which actually sit on the canal.
None of them is in China or Hong Kong – which leaves Beijing with less leverage to scupper the sale.
The wrist-slapping of 96-year-old Li appears to be largely symbolic.
CK Hutchison makes only 12 per cent of its revenue from Hong Kong and mainland China.
