No hard landing for China GDP
Source: Bloomberg News |
August 5, 2011, Friday
|
Print Edition
Print Edition
LI Ka-shing, the Hong Kong billionaire who predicted the Chinese mainland's 2008 stock market decline, said the country's economy will avoid a hard landing even as global growth slows.
"Every task that's carried out in China these days has gone through careful consideration," Li, 83, told reporters in Hong Kong yesterday. "I don't think there'll be a hard landing and I'm not concerned."
Premier Wen Jiabao's policies to rein in consumer and property prices have raised concerns they will trigger a slowdown in the economy that's been the main contributor to global growth. Li, chairman of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd, said yesterday his companies will be "active" in investments, after earlier this week agreeing to buy UK's Northumbrian Water Group Plc for 2.4 billion pounds (US$3.9 billion).
"Li's companies had acted very sensibly and anticipated the more challenging economic environment, and they are now in a good position," said Ben Kwong, chief operating officer at KGI Asia Ltd in Hong Kong. "This week's UK acquisition shows his preference for more stable investments in the slowing economy."
Li is sitting on cash after his companies sold US$7.1 billion worth of shares in a container-terminal operator and real estate trust this year.
"For the whole group we have a lot of cash," Li said referring to Cheung Kong, Hong Kong's second-largest developer by value. "We have many opportunities in front of us."
Cheung Kong yesterday said first-half profit almost tripled after contributions from units including Hutchison gained and the spinoff of assets including several properties in Beijing.
Net income climbed to HK$33.3 billion (US$4.27 billion) from a restated HK$12.3 billion, the company said in a Hong Kong stock exchange filing yesterday. That missed the median HK$34.9 billion estimate of five analysts surveyed by Bloomberg News.
Net income at Hutchison Whampoa, whose businesses include Husky Energy Inc in Canada and 3 Group in Europe and Australia, jumped to HK$46.3 billion from HK$6.3 billion.
"Globally there're many places that deserve our concern," Li said. "Many countries are facing debt problems."
Concerns are rising that the United States will return to a recession, and a widening in Europe's debt crisis has led to a sell-off in Spanish and Italian debt.
Japan yesterday sold yen and pledged to inject 10 trillion yen (US$126 billion) into the economy.
Li opened a plastic flower factory after World War II and began investing in Hong Kong real estate in 1967.
Li was ranked the world's 11th-wealthiest by Forbes magazine in March after his net worth rose US$5 billion to US$26 billion.
"Every task that's carried out in China these days has gone through careful consideration," Li, 83, told reporters in Hong Kong yesterday. "I don't think there'll be a hard landing and I'm not concerned."
Premier Wen Jiabao's policies to rein in consumer and property prices have raised concerns they will trigger a slowdown in the economy that's been the main contributor to global growth. Li, chairman of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd, said yesterday his companies will be "active" in investments, after earlier this week agreeing to buy UK's Northumbrian Water Group Plc for 2.4 billion pounds (US$3.9 billion).
"Li's companies had acted very sensibly and anticipated the more challenging economic environment, and they are now in a good position," said Ben Kwong, chief operating officer at KGI Asia Ltd in Hong Kong. "This week's UK acquisition shows his preference for more stable investments in the slowing economy."
Li is sitting on cash after his companies sold US$7.1 billion worth of shares in a container-terminal operator and real estate trust this year.
"For the whole group we have a lot of cash," Li said referring to Cheung Kong, Hong Kong's second-largest developer by value. "We have many opportunities in front of us."
Cheung Kong yesterday said first-half profit almost tripled after contributions from units including Hutchison gained and the spinoff of assets including several properties in Beijing.
Net income climbed to HK$33.3 billion (US$4.27 billion) from a restated HK$12.3 billion, the company said in a Hong Kong stock exchange filing yesterday. That missed the median HK$34.9 billion estimate of five analysts surveyed by Bloomberg News.
Net income at Hutchison Whampoa, whose businesses include Husky Energy Inc in Canada and 3 Group in Europe and Australia, jumped to HK$46.3 billion from HK$6.3 billion.
"Globally there're many places that deserve our concern," Li said. "Many countries are facing debt problems."
Concerns are rising that the United States will return to a recession, and a widening in Europe's debt crisis has led to a sell-off in Spanish and Italian debt.
Japan yesterday sold yen and pledged to inject 10 trillion yen (US$126 billion) into the economy.
Li opened a plastic flower factory after World War II and began investing in Hong Kong real estate in 1967.
Li was ranked the world's 11th-wealthiest by Forbes magazine in March after his net worth rose US$5 billion to US$26 billion.
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