Private equity firms were not initially approached by the Hutchison Whampoa owner over a purchase according to Bloomberg, which cited people familiar with the matter.
But the business has since invited KKR and TPG to bid, while Blackstone has reportedly held talks with banks about financing a potential purchase.
Hutchison Whampoa has set a bidding deadline of August 16 and is seeking $3bn to $4bn according to an earlier Bloomberg report.
Wal-Mart Stores is also said to be interested in ParknShop amid plans to open 100 new store in China over the next three years, it added.
ParknShop operates 345 stores in Hong Kong, mainland China and Macau and earned HK$21.7bn ($2.8bin) in revenue last year according to a recent statement from Hutchison.
About 270 of the stores are located in Hong Kong.
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