China has sharply criticized a proposal to sell ports in the Panama Canal to American asset management giant BlackRock, attacking the deal as “spineless groveling” and a “betrayal” of the Chinese people.

A Hong Kong-based conglomerate has agreed to sell its controlling stake in a subsidiary that operates ports near the Panama Canal to a consortium including BlackRock Inc., effectively putting the port

The deal comes after U.S. President Donald Trump repeatedly threatened to take control of the Panama Canal and end what he sees as China’s influence over the waterway critical to global trade.

The Panama Maritime Authority, which oversees shipping and port infrastructure in the country, will request all legal and financial documents from a key transaction between CK Hutchison and a consortium backed by BlackRock ,

Shares in Hong Kong-based conglomerate CK Hutchison fell 5 per cent on Friday after China criticised the sale of its Panama Canal ports and said it should “think twice” about the $22.8bn deal with US asset manager BlackRock.

CK Hutchison Holdings Ltd. shares plunged Friday after China’s top office on Hong Kong affairs reposted a sharp attack on the conglomerate’s decision to appease President Donald Trump by selling its stake in Panama ports.

China’s top office on Hong Kong affairs has reposted an attack on CK Hutchison’s decision to sell its Panama Canal ports, amplifying a Beijing-backed newspaper’s warnings for the Li Ka-shing-owned conglomerate to “think twice” about which side it stands on.