Chinese Conglomerate Fosun’s Key Subsidiary Is Close to Securing $1.8 Billion Loan
- Loan may be finalized mid-January, people familiar said
- Fosun has been offloading assets as debt obligations loom
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A key subsidiary of Fosun International Ltd., one of China’s largest private conglomerates, is close to securing a long-awaited credit line from some of the nation’s biggest state-owned banks, people familiar with the matter said.
Shanghai Fosun High Technology Group Co. is in advanced talks for an onshore loan totaling about 12 billion yuan ($1.8 billion) with lenders led by Industrial & Commercial Bank of China Ltd., according to the people, who asked not to be identified as they’re not authorized to speak publicly.