China’s Fosun Plans $11 Billion of Asset Sales in Next Year
- Firm gets fresh downgrade from Moody’s on liquidity concerns
- Firm’s dollar bonds, stock slumped last month on debt worries
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One of China’s largest non-state conglomerates told analysts that it’s targeting to sell as much as $11 billion of assets within the next 12 months, amid efforts to bolster both its balance sheet and investor confidence.
Fosun International Ltd.’s management said during a Monday briefing it plans to dispose of 50 billion to 80 billion yuan of non-core assets as it works to focus on its consumer-discretionary business, Citigroup Inc. analysts including George Choi wrote in a report. The conglomerate considers its core assets to be its listed pharmaceutical, retail and tourism arms as well as insurer Fidelidade, according to the investment bank.