Li Ka-shing can still create waves in Hong Kong. The octogenarian one-time “superman” of Asia’s tycoon elite might have lost some of his political clout on the island, but his business decisions are watched as closely as ever and pored over in Hong Kong for their greater significance.
A string of sales efforts are behind the latest bout of speculation that Asia’s richest man is getting out of the island’s economy. Power Assets, a sub-company of his Hutchison Whampoa conglomerate, is spinning out its Hong Kong electricity supply business in a listing valued at up to $5bn. His property empire, Cheung Kong, has sold the Kingswood Ginza shopping mall in the new territories.
ParknShop, one of two dominant supermarket chains, and one of Mr Li’s most prominent local brands, had been up for sale since the summer with a price tag of $3bn-$4bn, but that deal was pulled at the weekend as bidders were not prepared to match the asking price.