In a bid to win Beijing’s blessing for the controversial deal, the buyer group that includes BlackRock Inc’s Global Infrastructure Partners and Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd has been in talks with Cosco to join their consortium. Cosco wants veto rights in the entity that will control the portfolio of ports, Bloomberg News reported in July.
Negotiations have been going on for months without clear progress toward a finalised structure and plan, the people said, as the parties involved in talks each have their own interests and agendas.
Despite the sluggish progress, some buyers, including the Aponte family, are still committed to finding a way to complete the transaction because they regard the deal as important for growth, one of the people said.
Spokespeople for Hutchison, TIL and Cosco didn’t respond to requests for comment. A representative for BlackRock declined to comment.
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CK Hutchison in August ruled out the likelihood of the sale of 43 ports being completed this year, but remained optimistic about its prospects. The conglomerate pointed out the complexity of the process, which if completed could net it more than US$19 billion in cash.
While US President Donald Trump hailed the planned sale as a win over the Panama waterway, Beijing has expressed strong displeasure with what it sees as a betrayal of China and kowtowing to American pressure.
CK Hutchison has said it wouldn’t proceed with a transaction that didn’t have the approval of all relevant authorities.
See also: Hong Kong economy grows most since 2021 as trade and IPOs surge
Revenue from CK Hutchison’s ports and related services business rose 9% from a year earlier in the first half of 2025, helped by higher throughput and storage income in regions including mainland China, Asia, the Middle East, Mexico and Europe as customers stocked up on goods before US tariffs kicked in.
The Hong Kong-listed company’s shares have climbed 31% this year, with a big jump coming in early March when the ports deal was announced. Hong Kong’s Hang Seng Index is up 28% in 2025.
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