Caixin
Oct 26, 2022 03:37 AM
BUSINESS

Debt-Laden Fosun Plans to Ditch $11 Billion of Assets

(Bloomberg) — Debt-laden Fosun International Ltd., one of China’s largest private conglomerates, told analysts that it aims to sell as much as $11 billion of assets in the next 12 months amid efforts to bolster its balance sheet and investor confidence.

Management plans to divest 50 billion to 80 billion yuan ($6.9 billion to $11 billion) of noncore assets as it works to focus on its consumer-discretionary business, according to Citigroup Inc. analysts including George Choi. The analysts cited a briefing Monday by Fosun management. The conglomerate considers its core assets to be its publicly traded pharmaceutical, retail and tourism arms as well as insurer Fidelidade, Citigroup said.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code