China Amplifies Rebuke of Li Ka-shing’s Panama Port Deal With BlackRock
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(Bloomberg) -- China’s top office on Hong Kong issues reposted a sharp attack on CK Hutchison Holdings Ltd. for agreeing to sell a controlling stake in Panama ports, warning companies to be very careful about which “side they should stand on.”
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The commentary in the Ta Kung Pao newspaper appeared on the Hong Kong and Macau Affairs Office’s website on Thursday. It said social media users accused the conglomerate founded by billionaire Li Ka-shing of “spineless groveling,” ignoring China’s interests and “selling out all Chinese people.”
“Faced with such a major event and a matter of great justice, the relevant companies should think twice, think carefully about the nature and crux of the issue, and think carefully about what position and side they should stand on,” the paper said.
CK Hutchison didn’t immediately respond to a request for comment Friday.
The move by Beijing’s top authority on Hong Kong to repost the broadside could complicate the decision-making of executives whose companies get caught up in the widening China-US rivalry.
Last week, CK Hutchison agreed to sell a controlling stake in Panama ports that had become a political lightning rod and a larger unit that has operations across 23 countries. The potential purchase by BlackRock Inc. was one of the biggest acquisitions of the year, and marked a win for US President Donald Trump, who had raised concerns over control of key ports near the Panama Canal.
Trump argued that China had taken over the critical waterway, without providing evidence, and that the US was paying too much for the passage of ships. He previously demanded the fees charged on US naval and merchant ships be lowered, or else Panama should return the canal to the US.
The commentary in Ta Kung Pao, a newspaper that tends to support Beijing’s policies, said the US would use the ports deal “for political purposes and promote its own political agenda.”
“China’s shipping and trade here will inevitably be subject to the US,” it added.
It also said the US was “doing its utmost to contain and suppress China’s development,” repeating a line often used by the Asian nation’s diplomats when they criticize Washington.
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