Hong Kong’s City’super Owner Nears Sale to Chinese-Led Group
- CR Capital-led consortium plans to buy 65% stake in the grocer
- Investcorp, Fung Investments among partners in the buyer group
Customers shop at City'super in Harbour City.
Photographer: South China Morning Post via Getty Images
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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.