Hutchison confirms plans to sell Parknshop

Selling price ranges from US$1 billion to US$2 billion.

Hutchison Whampoa Ltd said they are conducting a strategic review on the possible sale of its Hong Kong supermarket chain ParknShop. It expects to complete the strategic review by mid-August.

ParknShop is one of the two largest supermarket chains in Hong Kong and operates over 260 outlets in Hong Kong, Macau and mainland China.

Hutchison announced their decision to sell the supermarket chain last month. The company said that the details for sale would be sent out to potential bidders as soon as the company is done with their strategic review.

The company hired Goldman Sachs and America Merrill Lynch to handle the sale.

Analysts said Hutchison plans to exit a Hong Kong grocery market that’s mature and growing slowly.