Hong Kong billionaire Li Ka-shing has raised Beijing’s ire by agreeing to sell its control over ports in Panama to appease President Donald Trump. But there may be little the Chinese authorities can do to punish him for it.

The US$23 billion sale is not final, but needs no Chinese or Hong Kong approval, leaving CK Hutchison to decide whether to proceed, analysts say.

The Hong Kong conglomerate CK Hutchison’s planned sale of ports in Panama to a group led by BlackRock, the American finance giant, is under fire from Beijing.