Fosun Close to Getting $2.11 Billion Loan Amid Cash Crunch

Fosun Group is close to receiving a 15 billion yuan ($2.11 billion) syndicated loan from a group of banks to help one of China’s largest private conglomerates through a short-term cash crunch, according to people familiar with the matter.

The loan completed reviews by participating banks including Industrial and Commercial Bank of China (601398.SH) and China Minsheng Bank (600016.SH) and is pending final approval, sources from the banks told Caixin. The first tranche of funds is expected to be released next month, they said. The loan will go to Fosun International Ltd., the group’s main investment arm. Fosun declined to comment.