Victor Li, son of Asia's richest man, beat New York investment firm Cerberus Capital Management LP in a bid to invest in Air Canada to help the carrier emerge from bankruptcy protection.

Li's private investment company, Trinity Time Investments, was chosen to invest C$650 million (US$486 million) for a 31 percent stake in Canada's largest airline.

He is also the deputy chairman of port operator and telecommunications company Hutchison Whampoa Ltd and managing director and deputy chairman of Cheung Kong Holdings Ltd, Hong Kong's biggest real estate company by market value.

The two companies own the world's biggest port operator and invest in telecommunications, property and supermarkets worldwide.

Air Canada President and Chief Executive Robert Milton cited "the success of Victor Li in his global business endeavor" for the decision to choose Li as its investor.

Air Canada, weighed down by debt and leases of more than C$12 billion, filed for bankruptcy protection on April 1.

Creditors with claims of as much as C$10 billion will receive a combined stake of about 56 percent in the reorganized airline, Air Canada said. Existing shareholders will get a combined 0.01 percent stake.

As a Canadian citizen, Victor Li is not bound by Canada's rules on investment in local companies, which limit foreign ownership to 25 percent. Air Canada will at the same time offer C$450 million of shares to its creditors.

Deutsche Bank AG will help Air Canada underwrite the offer, the statement said.

Milton and Executive Vice President Calin Rovinescu will each receive 1 percent of Air Canada over four years, the statement said.

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