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Tycoon Li denies ‘deserting’ China, pledges support to Xi
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ASIA’S richest man Li Ka-shing yesterday voiced support for Chinese President Xi Jinping and rejected claims he was divesting assets from China after a barrage of media articles accused him of turning his back on the country.
In January, the Hong Kong-based tycoon overhauled his business empire to create two listed companies — one focused on property and the other on telecoms. This saw a shift in the incorporated base of his two main firms to the Cayman Islands from Hong Kong, fuelling speculation that Li was pulling out of China.
In a press release sent by e-mail yesterday, Li said he still resolutely supports China’s path to reform and opening up.
“Li has great confidence in China and greatly admires Xi’s leadership style,” the statement said.
It went on to cite the billions of dollars spent by Li and his family in China on education, innovation and medicinal research purposes.
His comments came a week after Chinese media made pointed commentaries about his business decisions.
“At a time of economic tension in China, Li Ka-shing has abandoned the country by selling extensively his assets, disregarding how the central government has assisted him in the sectors of port facilities, real estate and other infrastructural projects. His act has seriously undermined public confidence in the Chinese mainland,” said a commentary “Don’t let Li Ka-shing run away” by an institute backed by Xinhua news agency.
Li’s family sold more than US$2 billion worth of assets in China last year, including property in Shanghai, Nanjing and Beijing.
In January, news of the tycoon’s business overhaul was followed by three overseas bids, including US$15.4 billion for Britain’s O2, which is owned by Spain’s Telefonica SA.
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