Painful Post-Brexit Forecast From Hong Kong’s Richest Man

Hong Kong’s richest man, one of the biggest investors in the UK, hit a setback in his efforts to cut his reliance on Britain and warned the fallout from the nation’s decision to leave the European Union will last for years.

Hong Kong’s richest man, one of the biggest investors in the UK, hit a setback in his efforts to cut his reliance on Britain and warned the fallout from the nation’s decision to leave the European Union will last for years.

“The withdrawal of the UK from the European Union will bring with it considerable challenge both for the UK and for Europe for at least the next two to three years,”  CK Hutchison Holdings Chairman Li Ka-shing wrote in an earnings statement on Thursday, his first public remarks on Brexit since the June 23 referendum.

Li has much riding on Britain as the country is the biggest profit generator at the billionaire’s business empire.

His comments came hours after the Australian government signaled it would block a bid by one of his units for a local electricity distributor, a deal that could have helped the 88-year-old tycoon diversify away from the UK.

“After Brexit, investors are keen on knowing what the impact to Li Ka-shing’s companies will be, as there are uncertainties on the UK’s economy and currency,” said Alex Au, managing director Alphalex Capital Management in Hong Kong.

Read more at Independent.