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 firms to place a bid for ParknShop are Japan's Aeon, and private equity firms KKR and TPG, the people said.
Bank of America and Goldman Sachs are advising Hutchison on the sale.
