Hong Kong billionaire Li Ka-shing bets on Europe as China slows

In this file picture taken on January 9, 2015, Li Ka-shing smiles during a press conference in 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. - AFP

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 $15.4 billion follows prolonged asset offloading in mainland China and Hong Kong -- and a major reshuffle of his business empire announced last month.

The 86-year-old, dubbed “Superman”, dismissed talk of a withdrawal from the region as “a big joke” last year.

But analysts say that his moves are a reaction to the China slowdown as well as political turmoil in Hong Kong.

Pro-democracy protests brought parts of the city to a standstill for more than two months last year, with demands Beijing grant more freedoms in the city’s next leadership vote in 2017.

“They (Li’s companies) are worried about the slowing down of economic growth in China, and also the political stability in Hong Kong,” financial analyst Castor Pang told AFP.

“The concern about economic growth seems to be the major reason for them to make such dramatic moves during recent months.”

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