Investment groups China Resources and Yonghui Superstores, as well as some private individuals, are among potential buyers of Hong Kong’s City’Super high-end grocery chain.
Current owner The Fenix Group is intending to sell a majority stake in the business in a deal that could attract US$300–400 million. The firm is likely to call for bids later this month or otherwise in early April, depending on the coronavirus outbreak situation at the time.
Billionaire Peter Woo, who owns a minority stake in the business, is expected to hold on to his shares. Talks, however, remain at early stages and the deal may not eventually go ahead.
City Super Group currently operates 21 Hong Kong City’Superstores, with an additional seven in Shanghai and another seven in Taiwan under different brand names. The stores are located in prime properties such as Hong Kong’s IFC Mall.