China blasts ‘spineless’ plan to sell Panama Canal ports to BlackRock

China has sharply criticized a proposal to sell ports in the Panama Canal to American asset management giant BlackRock, attacking the deal as “spineless groveling” and a “betrayal” of the Chinese people.

China has sharply criticized a proposal to sell ports in the Panama Canal to American asset management giant BlackRock, attacking the deal as “spineless groveling” and a “betrayal” of the Chinese people. A commentary published by the state-owned Ta Kung Pao newspaper and reposted on the website of China’s Hong Kong and Macao Affairs Office on Thursday sent shares in CK Hutchison (CKH), the Hong Kong-based owner of the ports, plummeting by more than 6% on Friday. Observers say it was a sign that some investors are concerned the deal may not ultimately go through, if Beijing objects. “I’m not aware that any approval from Chinese regulators is required given CKH is retaining all of its existing Chinese ports,” Dan Baker, a senior equity analyst for Morningstar, told CNN. “Of course, there is some chance that other influences may be brought to bear on the company that might put the deal at risk. The market seems to be pricing in some chance of this.” CNN has reached out to the conglomerate for comment. Last week, a group of investors led by BlackRock said it would spend $22.8 billion to buy the ports of Balboa and Cristobal on either end of the canal from CK Hutchison. The consortium also agreed to buy CK Hutchison’s controlling interest in 43 other ports comprising 199 berths in 23 countries. They said the deal is an “agreement in principle.”