Li Ka-shing bets on Europe as China slows

Hong Kong

FAMED for his sharp business acumen and knack for perfectly timed investments, Hong Kong billionaire Li Ka-shing is shifting away from a slowing Chinese economy and bargain hunting in Europe.

The move is seen as a quest for stability for the tycoon's vast empire and a sign of diminishing confidence in the region.

Mr Li's holdings are embodied in a striking 63-storey glass skyscraper in the heart of Hong Kong and his business decisions have the potential to affect property and utility prices for the city's seven million residents.

But his focus is now switching to European and other foreign markets.

The announcement just over a week ago that he plans to buy UK phone giant O2 for up to US$15.4 billion follows prolonged asset offloading in mainland…