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Asia300

Li Ka-shing's Cheung Kong Property reaffirms interest in core business

After $5.5 billion Duet deal, group's non-property business will be less than 20%

CK Hutchison Chairman Li Ka-shing

HONG KONG -- The move by Li Ka-shing, Hong Kong's richest man, to offer 7.4 billion Australian dollars ($5.5 billion) for Australian energy company Duet Group would allow his flagship property business to diversify away from its volatile home market.

Three of Li's listed companies -- Cheung Kong Property Holdings, Cheung Kong Infrastructure Holdings and Power Assets Holdings -- will split the offer in the ratio of 40:40:20, pending shareholder approvals.

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