By South China Morning Post | Created at 2025-03-29 04:11:31 | Updated at 2025-03-31 19:21:34
2 days ago
Washington is “not surprised” that Beijing is unhappy about plans by tycoon Li Ka-shing’s CK Hutchison Holdings to sell its two Panama ports, the US State Department has said, after a Chinese market regulator launched an antitrust investigation into the deal.
“We are aware of the comments made by China. It’s also no surprise that the [Communist Party of China] is upset at this acquisition, which will reduce their control over the Panama Canal area,” department spokeswoman Tammy Bruce told a media briefing on Friday.
A source earlier told the Post that Hutchison would not go ahead with the expected signing of a deal next Wednesday to sell the two ports to a consortium led by US investment firm BlackRock.
The sale of Hutchison’s two ports at each end of the Panama Canal is part of a US$23 billion deal to sell 43 ports spread over 23 countries to the BlackRock-led consortium, with the Hong Kong company originally expected to pocket US$19 billion.
China’s State Administration for Market Regulation said on Friday that it was looking into the deal, after Hong Kong-based, pro-Beijing media Wen Wei Po and Ta Kung Pao questioned whether the deal required approval via an antitrust review.
A spokesman from the market regulator said it would review the deal in accordance with the law to ensure fair competition in the market and to safeguard the public’s interest.
