China has halted the $23 billion sale of dozens of ports worldwide, including two key ports in the Panama Canal, to a consortium led by U.S. investment giant BlackRock. The move comes after President Trump voiced concerns about Beijing’s influence over strategic shipping lanes.
On March 4, Hong Kong-based conglomerate CK Hutchison, controlled by billionaire Li Ka-shing, announced plans to sell 43 global port facilities, including critical ports at both ends of the Panama Canal and near the Suez Canal, for approximately $22.8 billion. However, China’s State Administration for Market Regulation launched an unexpected investigation on Friday, citing potential violations of Chinese anti-monopoly laws, effectively putting the deal on hold.
Chinese President Xi Jinping is reportedly upset over CK Hutchison’s plans to sell its Panama Canal port operations, particularly because the company did not seek Beijing’s approval beforehand. The deal, spearheaded by BlackRock CEO Larry Fink, was set to be finalized by April 2. Now, the deadline may be missed due to the regulatory probe.
Insiders revealed that Chinese leaders intended to use the port deal as leverage in negotiations with the Trump administration but were caught off guard by the rapid progress. Trump praised the proposed sale as a strategic victory against China, describing Panama as a crucial battleground in the ongoing U.S.-China struggle for global influence.
