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Li Ka-shing steps up family transition with $2bn charity fund deal

Hong Kong tycoon's flagship CK Asset acquires European assets from his 'third son'

Hong Kong tycoon Li Ka-shing, right, and his son Victor Li Tzar-kuoi attend a 2015 news conference.   © Reuters

HONG KONG -- CK Asset Holdings, a flagship conglomerate established by Hong Kong billionaire Li Ka-shing and now run by his son Victor Li Tzar-kuoi, will spend more than $2 billion to buy four European assets from the family's charity fund.

While Thursday's announcement laid out a financial rationale for the deal, it also seems to mark another step forward in the family business's transition from its 92-year-old founder.

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