08/01/2015, 00.00
CHINA
Send to a friend

Li Ka-shing selling everything to invest even more in Europe

Asia’s richest man has been selling billions in commercial assets since 2013 to buy massively in the West.

Hong Kong (AsiaNews) – Li Ka-shing's reported plan to sell a major commercial complex in Shanghai's Pudong area for 20 billion yuan has again set Hong Kong media abuzz, with renewed rumours that he is jumping ship from China for better pickings in Europe.

According to Chinese media, the tycoon - founder of Cheung Kong (CK) Holdings, one of the leading multinational conglomerates – plans to sell Century Link, a 360,000 m2 commercial complex in Shanghai’s new financial hub of Pudong.

CK said it did not comment on market rumours. However, news of the proposed sale is fuelling speculation that Li plans to exit the Chinese market.

At present, the business magnate is the richest person in Hong Kong, mainland China and South-East Asia, the tenth richest in the world, sitting on a personal fortune estimated by Forbes to be around US$ 26.5 billion. One of the jewels in his crown is Hutchinson Whampoa, but he controls scores of smaller companies.

"It has been the firm's strategy. While it is disposing assets at high prices on the mainland, it's making aggressive acquisitions in the West," Alvin Cheung Chi-wai, an associate director of Prudential Brokerage, told the South China Morning Post.

"The group is flush with cash, having sold a number of assets in the past two years. It will enhance its purchasing power once the property market in the mainland and Hong Kong enter a correction phase," Cheung added.

Since 2013, Li Ka-shing has sold more than 20 billion yuan of commercial properties in Shanghai, Beijing and Guangzhou.

TAGs
Send to a friend
Printable version
CLOSE X
See also
Ranchi, sister of Mother Teresa released on bail
27/09/2019 13:25
Madhya Pradesh: ‘baby farm’ discovered in hospital, five people arrested
20/04/2016 14:54
Violence, fraud and killings mar elections
16/05/2007
Hong Kong police arrest 300 protesters; thousands get away
27/05/2020 16:46
Hong Kong bishop to be laid to rest on 11 January
04/01/2019 13:35


Newsletter

Subscribe to Asia News updates or change your preferences

Subscribe now
“L’Asia: ecco il nostro comune compito per il terzo millennio!” - Giovanni Paolo II, da “Alzatevi, andiamo”