Hong Kong tycoon Li Ka-shing speaks during a press conference to announce his companies' annual results in Hong Kong, Feb 28, 2014. [Photo/IC]

Controversial: Li Ka-shing

Cheung Kong Property, backed by Hong Kong tycoon Li Ka-shing，was reported in July to be planning to sell an office and retail property project in Shanghai for in excess of $2.6bn. Li began to sell assets in China's mainland as well as Hong Kong in 2008 and since 2013 he has sold more than 20 billion yuan worth of commercial properties in Shanghai, Beijing and Guangzhou, media reported.

The move has sparked further speculation that Asia's richest man has lost confidence in China due to its sluggish economic performance and intends to seek more opportunities in Europe.