Billionaire Li’s Units to buy Canada Assets for C$347.6 Million

Cheung Kong Holdings Ltd. Chairman Li Ka-Shing
Cheung Kong Holdings Ltd. Chairman Li Ka-Shing. Photographer: Lam Yik Fei/Bloomberg

May 28 (Bloomberg) -- Li Ka-Shing’s Cheung Kong Holdings Ltd. and Cheung Kong Infrastructure Holdings Ltd. agreed to buy an airport parking business in Canada for C$347.6 million ($320.2 million).

The business, Park’N Fly, has unaudited net asset value of about C$88 million by the end of 2013, according to a statement from Hutchison Whampoa Ltd., which is controlled by Cheung Kong. Park’N Fly provides parking near airports in Canadian cities including Toronto and Ottawa.

Li has been buying assets in Europe, Canada and Australia as he bets on stronger growth in those regions amid a government-imposed credit crunch in China. A group including Cheung Kong Infrastructure, known as CKI, made a cash bid valuing Australian natural gas distributor Envestra Ltd. at A$2.4 billion ($2.2 billion) this month.

The investment “reflects CKI’s strategy of investing in infrastructure opportunities around the world,” according to the statement.

To contact the reporter on this story: Aibing Guo in Hong Kong at aguo10@bloomberg.net

To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net Tan Hwee Ann, Nicholas Wadhams