Cheung Kong and Hutchison will never leave Hong Kong. But their scale is another matter, says Li Ka-shing
Asia's richest man says it's a 'big joke' to accuse him of pulling assets out of city and mainland
Li Ka-shing, Asia’s richest man, has come out to defend himself after being accused by commentators of “pulling out of Hong Kong” following recent decisions to sell key assets of his flagship companies.
“You accuse me wrongly. Today, I am striking back,” Li, 85, said in a 150-minute interview with Guangzhou-based Nanfang Media Group.
He said such transactions occur in the normal course of business and it is a "big joke" to use them as evidence Cheung Kong and Hutchison Whampoa are pulling their assets out of Hong Kong and mainland China.
Li’s remarks followed widespread reports that he was moving his assets abroad after selling three commercial properties – one in Shenzhen, one in Shanghai and one in Beijing – for a total of 12.8 billion yuan (HK$16.2 billion).
Hutchison had planned to sell its ParknShop supermarket chain but withdrew the plan after offers by prospective buyers were deemed insufficiently attractive.
“Using [the asset sales] as an example of pulling out of assets is absurd,” Li said.
Li said his group of companies spent HK$13 billion this year on overseas investments (in New Zealand and Holland) with a capital investment of HK$8 billion.
