How China could put conditions on Hutchison port sale and new buyer emerges

China’s market regulator could impose conditions on CK Hutchison Holdings’ sale of its overseas ports upon the completion of an antitrust probe, which may lead to the emergence of a new buyer if the time limit on the deal has passed, legal experts and a political analyst say.

They also explained that the national antitrust law empowered the regulator to investigate cases involving other jurisdictions, and so the probe would not undermine the “one country, two systems” governing principle in Hong Kong.

The deal came under attack again from pro-Beijing media on Tuesday, with the Ta Kung Pao newspaper publishing an editorial urging the Li Ka-shing conglomerate to halt the sale, as well as an article naming lawmakers who were opposed to the deal.

The transaction involves CK Hutchison selling its 43 overseas ports, including the two at each end of the Panama Canal, to a consortium led by United States investment firm BlackRock for US$23 billion. The conglomerate would receive US$19 billion in cash.

The Hong Kong and Macau Affairs Office and the liaison office posted the article on their websites, keeping up pressure on the company for a third straight week by sharing such critical pieces from pro-Beijing media.

The company earlier hinted it would postpone the signing of the deal, scheduled for Wednesday.