Skip to content
Subscriber Only
Business
Pursuits

Li Ka-Shing Goes Shopping in Europe as H.K. Sales Slump

Li Ka-Shing, Asia’s richest man, said he will increase his telecommunications market share in Europe and seek acquisitions as slowing property sales in Hong Kong depress profits at flagship Cheung Kong Holdings Ltd.

Home sales in Hong Kong, where Cheung Kong is the second-biggest developer, will continue to be affected by government measures, Li, 85, said yesterday in statements after the company reported a 13 percent decline in first-half profit. Unit Hutchison Whampoa Ltd. posted a 23 percent advance in net income, boosted by investments in power stations and energy.