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

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.

CK Hutchison Holdings Ltd. warned of a deteriorating global business environment due to geopolitical and trade tensions, as the Hong Kong conglomerate reported weaker-than-expected profit while a ports sale plan faces uncertainty after infuriating Beijing.