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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