CRE eyeing HK meat distribution unit sale

China Resources Enterprise Ltd, the State-backed retail and beer conglomerate, is evaluating options for its meat distribution unit in Hong Kong that could include a sale, said two people with knowledge of the matter. China Resources may start a strategic review of the business as early as this year, said the people, who asked not to be identified because the information is private. The company took then Hong Kong-listed Ng Fung Hong Ltd private in 2001 in a deal that valued it at HK$5.1 billion ($658 million). Ng Fung Hong started in 1951 in Hong Kong. It handles all imports of live cattle from the mainland. The Hong Kong government said in May that it was considering requests to open the import market to competition, citing concerns that "frequent" price increases by Ng Fung Hong was hurting demand for fresh beef. The company raised wholesale beef prices six times last year, the South China Morning Post reported in December.

World Bank lowers East Asia GDP forecasts for 2013-14