The News
Hong Kong billionaire Li Ka-Shing’s company, CK Hutchison, is delaying next week’s sale of its Panama Canal port operations to a BlackRock-led consortium, amid Beijing’s scrutiny of the $19 billion deal, according to multiple reports.
The deal was expected to be signed on April 2, but has been postponed due to the complexities of the transaction, a source told the South China Morning Post, which first reported the news. A Chinese market regulator said Friday it is set to vet the deal.
The deal was backed by US President Donald Trump who has complained about the presence of Chinese companies in the canal through which 40% of US container traffic passes annually. However, the deal reportedly angered Chinese leader Xi Jinping who had been planning to use the Panama ports as a bargaining chip with Washington. Beijing has told state-owned companies to hold off new collaborations with businesses linked to Li Ka-Shing.