China Resources Enterprises Plans To Partner With Tesco To Bid For Hong Kong's ParknShop Retail Chain

State-owned retailer China Resources Enterprises Ltd. said it may join Tesco PLC to bid for billionaire Li Ka-shing's ParknShop retail chain in Hong Kong. CRE plans to raise debt and may consider selling non-core assets to fund a purchase of the Hong Kong retailer, chief financial officer Frank Lai said. In August 2013, CRE announced a joint venture deal with Tesco, which will merge the companies' retail operations in China. Hutchison is reportedly seeking $3 billion to $4 billion for ParknShop, which had 33 percent of the Hong Kong grocery market in 2012, according to market research firm Euromonitor.