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Li Ka-shing's selling 'not pull-out signal'

Xinhua | Updated: 2013-09-27 10:25

CHENGDU -- Asia's richest man Li Ka-shing's recent sales of some his Chinese properties prompted jitters that other investors may pull out their money from China. However, several prominent overseas Chinese billionaires say they don't take Li's move as a warning and that they will invest more in China.

It has been reported that Li, a Hong Kong business mogul, sold a shopping plaza in Guangzhou and planned to cash in an office building in Shanghai. Li, the eighth richest person in the world on the Forbes list, could also possibly offload his ParknShop, a Hong Kong-based grocery chain.

Li Ka-shing's selling 'not pull-out signal'
File photo of Li Ka-shing, Asia's richest man, attending a meeting in Beijing. [Li Taixing / Asianewsphoto]  

Wang Shi, a real-estate tycoon in the Chinese mainland, warned that the decision by Li to sell was a signal to be wary.

However, Dhanin Chearavanont, a Thai Chinese and the 58th richest person in the world, said Li's selling was more of a usual practice. "I don't think he's exiting [China]," said the 74-year-old chairman of Charoen Pokphand Group on Thursday. "No matter which country chairman Li's investment is in, he sells if he becomes satisfied."

"I am enhancing my investments," Dhanin told Xinhua. "I visit China frequently. I first came to China 33 years ago, much earlier than he did. I'm very aware."

Dhanin's CP Group has invested nearly $6 billion in China and built strong connections in business. His investments involved agriculture, retailing and real estate, including a 10-story shopping mall at the center of Shanghai's Lujiazui, China's Wall Street.

Dhanin's company last December paid HSBC about $9.4 billion to buy a 15.6 percent stake in Ping'an, China's biggest private insurer.

"My purchase of Ping'an is a solid fact demonstrating my full confidence in the Chinese economy's future," Dhanin said. "The fortune of China remains good."

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