ParknShop is a supermarket chain that is part of Hutchison Whampoa, which is controlled by the Cheung Kong Group, and headed by Li Ka-shing, Asia’s wealthiest man, who has been nicknamed “Superman” because of his investment prowess. Its operations include ports, with property and hotels, retailing telecommunications (Hutchison Telecommunications International) and infrastructure (Cheung Kong Infrastructure).
After putting taxpayers’ money into the pockets of wealthy retail chains, the Hong Kong government now wants some of that windfall shared with the public, which is easier said than done.
Is Hong Kong doing enough to reduce the amount of plastic waste that washes into the ocean? Some small steps have been taken, but single-use plastics are still widely employed and used excessively.
The two sets of financial results by one of Hong Kong’s bellwether conglomerates underscore how two successive quarters of economic growth is slowly trickling into corporate earnings, as the city continues to grapple with a recession and record high unemployment wrought by the coronavirus pandemic.
Food delivery app targets slice of fast-growing market by linking up with 50 store locations across the city, and customers living within 1.2km of shop can expect items in 30 minutes.
About two-thirds of surveyed products subject to price rises greater than inflation. Consumer Council urges supermarkets to ‘shoulder more social responsibility’.
AS Watson Group, the world’s largest health and beauty retailer, said the coronavirus pandemic had accelerated the launch of its touchless payments system, even as it dented the Hong Kong company’s plans of opening new stores globally.
Wellcome and ParknShop say a temporary restriction will be imposed on the sale of essential items such as rice, toilet paper.
The coronavirus pandemic is forcing companies to re-evaluate safety in the workplace, as a new normal emerges with the end of lockdowns and work-from-home arrangements.
A report by Greenpeace East Asia reveals that neither of Hong Kong’s two supermarket giants has made holistic plastic-free plans. As market leaders, the companies should meet corporate responsibilities and do away with unnecessary plastic packaging.
Tai Po residents stuck as protesters block major roads near Chinese University, leaving town in state of semi-isolation and fast-food chain low on signature items.
Month-long survey conducted by Greenpeace finds Hong Kong’s supermarkets are inconsistent in use of plastic wrap for produce across stores.
Imports from US drop 26 per cent in May 2019 year on year and from Turkey tumble 70 per cent.
Supermarket giant ParknShop is being sued by the landlord of one of its stores in Sai Kung for allowing rubbish and shopping carts to clutter a shopping centre.
Supermarket giants ParknShop and Wellcome are keeping prices artificially high by pressuring suppliers not to sell to rivals who undercut them, the Consumer Council says.
Li Ka-shing's determination to cash out of the AS Watson retail businesses after his recent setback in offloading his ParknShop supermarket assets is likely to meet the same problem: buyer resistance on price.
Companies controlled by Asia's richest man, Hong Kong tycoon Li Ka-shing, said yesterday that they were selling a Shanghai property venture for HK$9 billion but that the ParknShop supermarket chain was no longer up for individual sale, prompting fresh speculation about investment flight from the Hong Kong and mainland markets.
Tesco, Britain's largest retailer, may join forces with state-backed China Resources Enterprise to bid for ParknShop. Frank Lai Ni-hium, the chief financial officer of China Resources, said the two companies were "in discussion" that might lead to a possible joint bid for the supermarket chain.
Supermarket chain ParknShop has received eight bids, sources said. Li Ka-shing's ports-to-grocery conglomerate Hutchison Whampoa, which has reportedly set a US$4 billion price tag for the retail chain, had asked for the bids to be submitted by yesterday, the sources said.
Supermarket chain ParknShop will push ahead with plans to open 36 stores in Hong Kong this year despite a strategic review of the HK$22 billion business that investors expect to see it ejected from Li Ka-shing's empire.
KKR, which is talking to banks about financing for a potential deal, may decide not to make an offer, said the sources. ParknShop owner Hutchison Whampoa has asked potential buyers to submit bids for the chain by August 16, people with knowledge of the process said last week.