Behind every billionaire there is a story!

Li Ka-Shing Says `Worst Is Yet to Come’ in Global Economy Slump

Hong Kong billionaire Li Ka-shing, who predicted China’s stock market bubble would burst, says the “worst is yet to come” from the global credit crunch.The crisis is turning Li “very conservative about acquisitions,” he told reporters in Hong Kong today while announcing the results of his companies Hutchison Whampoa Ltd. and Cheung Kong (Holdings) Ltd.

The U.S. housing slump has triggered more than $500 billion in credit-market losses for banks globally and led to the collapse and sale of Bear Stearns Cos., the fifth-largest U.S. securities firm. Li, Asia’s richest man according to Forbes Magazine, controls companies that operate businesses including retail, real estate, container ports and energy in 57 countries.

“Mr. Li’s views tend to be accurate,” said Castor Pang, a strategist at Sun Hung Kai Securities Ltd. in Hong Kong. “Looking ahead, signs of a U.S. economic slowdown will become even more obvious. Asia has a high correlation with the U.S., so market performances will likely get worse.”

Sometimes called “superman” by Hong Kong’s media for his investing skill, Li arrived in Hong Kong from mainland China in 1940 and built his Cheung Kong (Holdings) Ltd. into Hong Kong’s second-biggest developer by market value from a company he founded in 1950 to make plastic flowers.

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