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Cheung Kong all at sea without terminal

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Li Ka-shing's dream of boosting his property empire by expanding its territory in North Point has been thrown into doubt with an unexpected verdict by the Government on his proposed cruise-ship terminal.

Last Friday, the Town Planning Board surprisingly voted down the plan by Mr Li's listed flagship Cheung Kong (Holdings) to build the SAR's second cruise liner pier on the North Point waterfront.

The board reversed its original approval for the project given 10 months ago, saying that North Point might not be the best location.

The unexpected reversal raised suggestions the Government had finally bowed to public pressure following strong criticism by residents, environmental protection groups and politicians.

At stake was more than the cruise terminal. The Government's decision meant Mr Li's ambitious plan to build a property-development empire in North Point could be derailed, analysts said.

Prudential-Bache International analyst Raymond Ngai said the decision could affect Cheung Kong's original redevelopment concept in North Point.

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