bochk adds up loans to heavyweight 'abc group'
BOC Hong Kong (Holdings) last night disclosed that it had lent just short of 5 per cent of its loan portfolio to one Hong Kong group - almost certainly that controlled by Li Ka-shing.
The state-owned bank said 4.9 per cent of its loan portfolio had been advanced to a group that ran eight listed companies, four of which were constituents of the Hang Seng Index.
The group, only identified as ABC Group in last night's statement, was described as having diverse interests, including 'property development and investment, property and project management, hotel and service operations, ports and related services, retail and manufacturing, utility, infrastructure, finance and other investments'.
Mr Li's Cheung Kong (Holdings) controls 49.9 per cent of Hutchison Whampoa, which controls 84 per cent of Cheung Kong Infrastructure, the single largest shareholder of Hongkong Electric. It also controls CK Life Sciences, Tom Group, Tom Online and Hutchison Harbour Ring.
BOCHK said the advances represented 27.2 per cent of its net asset value as of June last year but had fallen below 25 per cent since October.
