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Fosun International Sells Assets as Short-Term Cash Crunch Looms

Benzinga Real-time News ·  Sep 21, 2022 11:01

Key Takeaways:

  • Fosun has sold down its stake in New China Life, its latest move to raise cash as it faces large debt maturing in the next 12 months
  • The company is also selling down stakes in its Fosun Tourism unit, owner of the Club Med resort chain, and appears to be selling shares in its core Fosun Pharma holding

By Doug Young

A group of Chinese conglomerates went on global buying spree starting about a decade ago, netting such trophy assets as the fabled Waldorf Astoria hotel in New York, a major stake in Hilton Worldwide (NYSE:HLT) and French...

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