Richard Li, son of Asia's richest man Li Ka-shing, has bought a controlling stake in an esteemed Hong Kong newspaper, raising fears for its editorial independence.
The Hong Kong Economic Journal, first published in 1973, is widely respected for its independent, critical and rational views and has a reputation as a newspaper of choice for the southern Chinese city's intelligentsia.
Mr Li is taking a 50 per cent stake in the newspaper through a trust company he owns. A source close to the deal put the price at between HK$200 and HK$300 million (€21million - €31 million).
The sale follows a year of difficult negotiations with the Journal'sowners, including founder Lam Shan-muk, who insisted that retaining the newspaper's editorial independence was a pre-condition for the deal.
Mr Lam's wife, Lok Yau-mui, who is also the paper's publisher, sought to allay fears that the paper might be muzzled.
"We will ensure that the editorial style and independence, which we have built up over all these years, will be rigorously maintained," she said in a press release announcing the deal.
But the sale has sparked deeper fears among journalists that a unique critical voice might be lost.
"It's the last bastion of the free media in Hong Kong," said Claudia Mo, a political columnist for the newspaper.
Serenade Woo Lai-wan, chairwoman of the Hong Kong Journalists' Association, expressed fears that the sale could force the paper to appeal to a more populist market.
"We are very concerned whether it can preserve its editorial independence because in Hong Kong very few newspapers are run by intellectuals," she said.
In recent years, the Journalhas struggled financially, with a circulation of just 30,000 copies at the end of last year.
The lack of an heir to take over at the paper has also been cited as a reason for the sale.
Mr Li, a tycoon in his own right, has had a longstanding interest in media companies. He founded Star TV in the 1990s, turning it into Asia's first satellite broadcasting service.
He later sold the stake to Rupert Murdoch's Newscorp for US$950 million.
Mr Li has yet to comment on his plans for the newspaper, although he is expected to take a bigger stake in the future.