After A 6-Year Acquisition Spree, Fosun Will Sell $6B In Assets To Boost Credit Ratings
Fosun Group, one of China’s most acquisition-happy conglomerates—which has bought more than $15B worth of assets since 2010—is looking to unload some of its belongings in an effort to boost its credit rating above junk.
Led by CEO Liang Xinjun (pictured), the company owns Club Med, 28 Liberty St—a skyscraper in NY, and Cirque du Soleil; it plans to sell $6B in assets by next year, shifting its focus toward healthcare, finance and leisure.
“It’s still too early to say whether Fosun’s asset-sales plan will be positive for its rating,” Hong Kong S&P analyst Lawrence Lu tells Bloomberg. “It will depend on how much it ends up selling and how much the company uses to pay down debt.” [Bloomberg]