CRE seeks dominance with bid for retail chain

If China Resources Enterprise is successful in a bid for ParknShop, billionaire Li Ka-shing's supermarket chain in Hong Kong, it will help CRE dominate the market and update its retail unit, experts say.

CRE, a mainland-based retail and beer conglomerate, has said it may join the grocery chain Tesco Plc of Britain to bid for the Hong Kong chain.

Other potential buyers have included the private equity firms KKR & Co LP and TPG Capital, Sun Art Retail Group Ltd, Aeon Co of Japan, Lotte Shopping Co of South Korea and the retailers Woolworths Ltd and Wesfarmers Ltd of Australia.