The traditional trading play between Li-Ka-shing's flagship companies was in evidence yesterday with investors dumping Hutchison Whampoa shares and moving into Cheung Kong. Cheung Kong was playing catch-up to its usually better valued 49 per cent held associate after its shares gained 0.66 per cent to HK$45.20 yesterday while Hutchison stock slid 2.12 per cent to $46. 'Cheung Kong was usually traded at a 4 to 5 per cent premium over Hutchison,' said Louis Wong Wai-kit, head of research at Phillip Securities. However, the sluggish property market has reversed the situation. 'The poor property market has dragged down the performance of Cheung Kong,' Mr Wong said. 'Investors are buying into a relatively cheaper Cheung Kong to gain exposure of Hutchison.'