Hong Kong’s City’super Owner Nears Sale to Chinese-Led Group
Monday, August 03, 2020
(Bloomberg by Vinicy Chan) – A group led by China Resources Capital Management Ltd. is close to buying a majority stake in City’super, valuing the high-end Hong Kong supermarket chain at almost $300 million, people with knowledge of the matter said.
CR Capital, the alternative investments arm of state-owned conglomerate China Resources Holdings Co., and its co-investors plan to acquire 65% of City Super Group from owners led by The Fenix Group, according to the people. Hong Kong billionaire and former Wheelock & Co. chairman Peter Woo, who owns about 39% of the grocery chain, intends to sell down part of his stake, the people said.
CR Capital plans to take a 45% stake while Asia Food Brands Private Equity, jointly set up by Investcorp SA, China Resources and Fung Investments, will pick up 20%, the people said. Fung Investments is a private investment vehicle of Hong Kong billionaire brothers Victor and William Fung.
