HK billionaire Li Ka-shing bets on Europe as China slows

HONG KONG, Feb 1 (AFP) : Famed for his sharp business acumen and knack for perfectly timed investments, Hong Kong billionaire Li Ka-shing is shifting away from a slowing Chinese economy and bargain hunting in Europe.
The move is seen as a quest for stability for the tycoon's vast empire and a sign of diminishing confidence in the region.
Li's holdings are embodied in a striking 63-storey glass skyscraper in the heart of Hong Kong and his business decisions have the potential to affect property and utility prices for the city's seven million residents.
But his focus is now switching to European and other foreign markets.  The announcement just over a week ago that he plans to buy UK phone giant O2 for up to $15.4 billion follows prolonged asset offloading in mainland China and Hong Kong-and a major reshuffle of his business empire announced last month.
The 86-year-old, dubbed "Superman", dismissed talk of a withdrawal from the region as "a big joke" last year.
But analysts say that his moves are a reaction to the China slowdown as well as political turmoil in Hong Kong.
Pro-democracy protests brought parts of the city to a standstill for more than two months last year, with demands Beijing grant more freedoms in the city's next leadership vote in 2017.
"They (Li's companies) are worried about the slowing down of economic growth in China, and also the political stability in Hong Kong," financial analyst Castor Pang told AFP."The concern about economic growth seems to be the major reason for them to make such dramatic moves during recent months."