ParknShop Sale

China Resources Enterprise bids for ParknShop

China Resources Enterprise confirmed it has bid for Hong Kong supermarket chain ParknShop, which is owned by Hutchison Whampoa.

China Resources Enterprise confirmed on Wednesday that it has bid for Hong Kong supermarket chain ParknShop.

ParknShop is owned by Hutchison Whampoa, which is controlled by Asia’s richest man Li Ka-shing.

“We put in a bid in accordance with our evaluation, a price which we think is fair and reasonable,” CRE’s Chief Financial Officer Frank Lai said at a press gathering after reporting earnings results.

CRE owns Hong Kong's super market chain Vanguard.

CRE and other firms placed their bids for ParknShop on Friday, according to people familiar with the matter.

Among the other...

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