China has told state-owned firms to hold off on any new collaboration with businesses linked to Hong Kong billionaire Li Ka-shing and his family, according to people familiar with the matter, after the tycoon irked Beijing with his plan to sell two Panama ports to a global consortium.
The directive was issued to state-owned enterprises last week at the behest of senior officials, the people said, asking not to be identified discussing private matters. Existing tie-ups are not affected, they added.
Under the directive, state enterprises wouldn¡¯t immediately get approval for business activities linked to the tycoon. The regulators are also reviewing what investments the family has in China and abroad in a bid to better understand the breadth of their business dealings, the people said.
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