Chinese Conglomerate Fosun Sells Unfinished Skyscraper to State-Backed Insurer
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Fosun International Ltd. has agreed to sell an unfinished skyscraper in eastern China to a local state-backed insurer, as part of its efforts to shed non-core assets and reduce leverage.
The Hong Kong-listed company signed a deal earlier this month to transfer the 53-story Fosun International Financial Center in Jinan to Fuze Life Insurance Co. Ltd.
The sale comes as Fosun continues a multi-year divestment drive launched in 2022 to improve liquidity, with heavy property-related impairments contributing to its net loss last year.
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- Fosun International Ltd. agreed to sell its 53-story unfinished Fosun International Financial Center in Jinan to Fuze Life Insurance Co. Ltd.
- Deal part of multi-year divestment since 2022 to shed non-core assets, reduce leverage after net loss from property impairments.
- 260m tower in Jinan CBD, slated for 2022 completion; Fuze, Jinan state-backed, formed last year for distressed insurer assets.
- Fosun International Ltd.
- Fosun International Ltd., a Hong Kong-listed Shanghai-based firm, agreed to sell its unfinished 53-story Fosun International Financial Center skyscraper in Jinan to state-backed Fuze Life Insurance. This divestment sheds non-core assets to cut leverage and boost liquidity, amid a multi-year drive since 2022 that included sales of a German bank and other properties.
- Fuze Life Insurance Co. Ltd.
- Fuze Life Insurance Co. Ltd. (富泽人寿保险有限公司) is a Jinan state-backed insurer, established last year to absorb assets and liabilities of a distressed insurer. It agreed to buy Fosun International's unfinished 53-story Financial Center skyscraper in Jinan, aiming to accelerate its development.
- Hauck Aufhäuser Lampe
- Fosun International sold Hauck Aufhäuser Lampe, a German private bank, as part of its multi-year divestment of non-core assets to improve liquidity.
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