Hong Kong-based conglomerate CK Hutchison is facing intense criticism from Beijing over its ports sale to a BlackRock-led consortium, fuelling speculation as to whether China could take steps to scupper the deal.

Hong Kong tycoon Li Ka-shing’s business empire is in the crosshairs after CK Hutchison Holdings chose to sell its Panama Canal port assets to a consortium that includes U.S. investment firm BlackRock Inc.

Beijing’s threat to stop a tycoon’s sale of his ports business has dealmakers wondering if they can still operate without political interference.