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Li Ka-shing goes shopping in Europe as Hong Kong sales slump

Billionaire Li Ka-shing, Asia's richest man and chairman of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd, is accelerating overseas investments as slowing property sales in Hong Kong depress profits.

Cheung Kong, the second-biggest developer in Hong Kong, reported a 13% decline in first-half profit, as home sales continue to be affected by government measures.

Cheung Kong and its rivals are selling the fewest homes in almost five years, and earnings fell from HK$6 billion to HK$3.8 billion.

Hutchison Whampoa has been taking advantage of the downturn in Europe to invest in telecommunications (buying Telefonica SA's Irish unit), power, utilities and water companies.

It has bought Telefonica SA's Irish unit and Afvalverwerking BV (waste processing in Europe), and its energy business is developing a gas project in the South China Sea and an oil sands project in Canada.

Read the full article on Bloomberg.

[Image source: Li Ka-shing by EdTech Stanford University School of Medicine on Flickr.com]