The former British colony is caught in the eye of a storm between Beijing and Washington, underlined by the decision by conglomerate CK Hutchison, controlled by Hong Kong billionaire Li Ka-shing, to sell its ports network, including assets along the Panama Canal, to a U.S. consortium led by BlackRock.

A Hong Kong-based company has agreed to sell most of its stake in two key ports on the Panama Canal to a group led by US investment firm BlackRock. The sale comes after weeks of complaining by President Donald Trump that the canal is under Chinese control and that the US should take control of the major shipping route.

U.S. President Donald Trump has hailed a deal led by U.S. firm BlackRock to buy most of the $22.8 billion ports business of Hong Kong conglomerate CK Hutchison, including assets it holds along the Panama Canal.