Chinese authorities are investigating a major transaction involving Hong Kong company CK Hutchison’s plan to sell its global ports business, including Panama Canal assets, to US investment firm BlackRock.
Multiple Chinese agencies began examining the $22.8 billion deal on Tuesday, according to Bloomberg News. President Donald Trump previously celebrated the potential sale while expressing concerns about Chinese control of the strategic waterway.
Following the deal’s announcement, China’s Hong Kong and Macau Affairs Office shared commentaries criticizing the sale as betraying national interests. The transaction is reportedly being reviewed for security risks and antitrust violations at the direction of senior Chinese leadership.
Beijing’s Foreign Ministry spokesperson deflected questions about the investigation but emphasized China’s opposition to “economic coercion and bullying” that undermines legitimate rights of other countries.
Hong Kong’s leader John Lee echoed these sentiments, urging foreign governments to provide fair business environments and opposing “abusive coercion” in international trade relations.
Hutchison has not responded to reports of Beijing’s scrutiny. The company previously stated the deal is “purely commercial” and unrelated to political concerns about Panama Ports. The firm has agreed to exclusive negotiations with BlackRock for 145 days.
It remains unclear what mechanisms China could use to block the transaction, as Hutchison’s business operates outside China and Hong Kong, with the company itself based in the Cayman Islands.
Trump has previously demanded the Panama Canal be removed from “Chinese control,” while other US politicians have characterized Hutchison’s operations there as a security threat.
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