Ka-Shing will not proceed with the controversial sale of the Hong Kong-based conglomerate CK Hutchison Holdings' ports in the Panama Canal, reports South China Morning Post, citing sources.
According to information, the decision is based on increased pressure from Beijing, which is said to be very upset about Ka-Shing's plans to sell the ports to American Blackrock. The USA and China are the two main users of the canal, and China fears that Ka-Shing's plans threaten the country's trade interests.
State-controlled Chinese media report simultaneously that Beijing will investigate whether the planned sale violates competition laws.
The plan to sell to Blackrock, which is now reportedly scrapped, became public after US President Donald Trump threatened to "take back" the Panama Canal, which he claims is controlled by China.
Trump has not ruled out military action against Panama to get his way.
