On September 14, Hong Kong Land Department announced that Cheung Kong Property Holdings Limited, owned by Li Ka-shing, has outbidthe other 17 competitors to acquire the site of Kau To in Sha Tin. Regarding this, some media claimed that Li Ka-shing, who is investing in Europe, has returned to Hong Kong. In actuality, this interpretation is rather superficial. As in our conclusion several years ago, Li Ka-shing is doing macro-investment, and as BREXIT has increased the risks of investing in the United Kingdom, this adjustment fits his macro-investment very well. In addition, Cheung Kong has a number of businesses in Hong Kong, and investing in a plot of land will not affect Li Ka-shing's global investment strategy.