Cheung Kong buys $1.9b of aircraft

Li Ka-shing-controlled Cheung Kong Holdings is buying the portfolio of aircraft and entering the plane-leasing market as part of a broader effort to diversify away from Hong Kong.

Cheung Kong Holdings has agreed to buy a portfolio of aircraft for about $1.9 billion, heralding its entry into the plane leasing business as it seeks to diversify its interests beyond Hong Kong and China.

In an exchange filing on Tuesday, the company controlled by Hong Kong tycoon Li Ka-shing said the deal with GE Aviation among others reflected the group's commitment to nurture new growth through diversification and globalisation.

Li Ka-shing-controlled companies such as Hutchison Whampoa and Cheung Kong Infrastructure, as well as Cheung Kong Holdings, have been paring their exposure to mainland China and Hong Kong and picking up overseas assets ranging from utility companies...

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