Xi is angry: the Panama Canal deal knocks the ground out from under Beijing's feet

Chinese President Xi Jinping is angry about the plans of a Hong Kong company to sell the ports of the Panama Canal to a consortium led by the American BlackRock fund. This is reported by The Wall Street Journal, citing informed sources.

The dissatisfaction of the Beijing leader is reflected in critical comments, however, his tools for blocking the sale of a Hong Kong company are limited, the newspaper notes.

According to sources, Xi is unhappy partly because the company did not seek Beijing's approval in advance.

"According to people close to decision-making in In Beijing, the Chinese leadership initially planned to use the issue of the Panama port as a bargaining chip in negotiations with the Trump administration," but the ground was knocked out from under his feet, writes The Wall Street Journal.

Earlier, Bloomberg reported that senior Chinese officials instructed agencies to study the deal on two ports on both sides of the Panama Canal for violations. At the same time, it is unclear exactly how Beijing could influence the sale, since all assets are outside its influence.

The parties planned to close the deal by April 2, but recent events show that China is trying to prevent its conclusion.

The owner of CK Hutchison Holdings, 96-year—old Lee Kashin, is the richest man in Hong Kong. At the same time, it is considered close to Beijing. Experts, moreover, do not rule out that against the background of the strongest political pressure from the United States, he could not consult with the leadership of the PRC before the deal.

US President Donald Trump, who initiated the deal, is also considering military options to ensure access to the Panama Canal, Newsweek previously reported, citing sources, writes <url>.

As reported by EADaily, the American company BlackRock has agreed to purchase two large ports on The Panama Canal from their owner from Hong Kong's CK Hutchison as part of a $22.8 billion deal. This was reported by the Financial Times.

"According to a company statement released on Tuesday, in accordance with the agreement, the owner of the ports in Hong Kong, CK Hutchison, will sell the business to a consortium that includes BlackRock, Global Infrastructure Partners and Terminal Investment Limited. The Group will acquire a 90% stake in a company that owns and operates two ports in Panama," the publication wrote.