China has punished Hong Kong billionaire Li Ka-shing after his company sold two ports in the Panama Canal to a US investment giant following pressure from Donald Trump.

CK Hutchison is moving ahead with its Panama ports sale as scheduled, in a sign China’s anger over the transaction hasn’t disrupted negotiations. Li Ka-shing’s firm and a BlackRock-led group are finalizing due diligence,

The city’s chief executive said a deal between the Hong Kong conglomerate CK Hutchison and BlackRock, a major American investment firm, requires “serious attention.”