Hong Kong's Cheung Kong Group Sells European Telecom Tower Assets Worth 13 Trillion Won

[Asia Economy Reporter Ki-min Lee] Hong Kong tycoon Li Ka-shing's Cheung Kong Group is reportedly close to finalizing a deal to sell approximately 10 billion euros (about 13.3 trillion won) worth of European telecommunications tower assets to the Spanish telecom company Cellnex Telecom, Bloomberg reported on the 5th.

Cheung Kong Hutchison Holdings stated that although a final decision has not been made, they have reached a "substantial agreement." However, the exact sale amount has not been disclosed.

Bloomberg reported that this deal will help Cheung Kong Group increase cash reserves, reduce debt, and secure funds for building 5G networks.

Cheung Kong Group's core businesses, including ports and distribution, have been struggling due to the US-China conflict, the spread of COVID-19, and political instability in Hong Kong.

Li Chee-yu, chairman of Cheung Kong Group and eldest son of former chairman Li Ka-shing, is working to reduce expenses and secure cash after the group's net profit dropped by 29% in the first half of this year.

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