Fosun Group remains committed to its global buying spree despite concerns that its earmarking of $6bn in assets for disposal signals a retreat from overseas investment, according to people who have advised the Chinese conglomerate.
The company, known for its leisure and entertainment holdings such as France’s Club Med and a stake in Canada’s Cirque du Soleil, plans to sell off steel and mining businesses while raising its stakes in global financial, health and tourism companies, the people said.
During the past three weeks alone the group has bought up four companies on three continents for a total of $1.6bn. It has acquired Gland Pharma in India, UK football club Wolverhampton Wanderers and Brazilian fund manager Rio Bravo Investimentos, and has taken a stake in the Portuguese lender Banco Comercial Português.