Li Ka-shing

Asia tycoon Li on defensive after attacks from Chinese media

Hong Kong billionaire Li Ka-shing has defended his business strategy against accusations from China's state media that he is abandoning investments in the world's No. 2 economy because of its slowing growth.

In an unusual move, Li released a statement responding to a barrage of criticism in recent weeks about him selling off China assets as he restructured his global business empire to focus more on Europe and less on China.

Commentaries in state media chastised Li this month for being immoral and ungrateful, accusing him of running out on China as its economy slows despite profiting handsomely in better times.

Li has undertaken a major reorganization this year of his...