Hong Kong’s CK Group never withdraws from any markets: chairman

HONG Kong’s CK Group has never withdrawn from any markets despite some asset sales in Europe, its chairman said on Thursday (May 18), following recent media reports it was shifting its focus back to Hong Kong and Mainland China.

Victor Li, chairman of CK Hutchison and CK Asset, said at an annual general meeting (AGM) that the group would consider any quality project that can yield a favourable return, regardless of the location.

Mainland Chinese media has reported CK Asset has divested from Europe to reinvest in Mainland China.

“We have never withdrawn from any markets where we have investments, whether Hong Kong, Mainland China, UK, Europe, Australia, nor Canada,” Li said. “To us, every market is a local market.”

CK Hutchison is the ports-to-telecoms arm of retired billionaire Li Ka-shing, and CK Asset is a major property developer in Hong Kong, which also has interests in infrastructure and utility assets overseas.

The latter announced last week it made a cash offer for the entire share capital of Britain’s Civitas Social Housing for £485 million (S$812 million).

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Regarding a long-awaited £15 billion (S$25.1 billion) plan to merge the UK telecoms businesses of CK Hutchison and Vodafone that would create the country’s biggest mobile operator, Li said in a separate AGM that the deal is still under negotiation, but there had been “entirely positive” feedback from the regulator.

Vodafone’s CEO said this week the merger plan is “progressing” but is not there yet, dampening hopes of a deal being imminent. REUTERS