China's Strategic Halt: Li Ka-shing's $19 Billion Deal in Jeopardy

Bloomberg News reports that China has advised state-owned firms to suspend new partnerships with entities associated with Hong Kong billionaire Li Ka-shing. This directive emerges amidst a controversial deal involving the sale of Panama Canal-adjacent ports to a consortium led by BlackRock, valued at over $19 billion.

In a strategic maneuver likely to amplify existing geopolitical tensions, China has directed its state-owned enterprises to halt new agreements with companies linked to Hong Kong tycoon Li Ka-shing. This development was reported by Bloomberg News, citing insiders knowledgeable about the proceedings.

The move comes following Li's plan to divest a pair of ports in Panama to a consortium led by financial giant BlackRock. The sale is politically sensitive due to the ports' proximity to the pivotal Panama Canal, a key artery in international trade.

Li's corporation, CK Hutchison, stands to gain upwards of $19 billion from the transaction. However, the deal has placed the company squarely in the crosshairs of Chinese authorities, underscoring the complex interplay of business and politics on the global stage.

(With inputs from agencies.)