NEW YORK, June 23 (Xinhua) — Fosun Group, one of the largest holding companies in China, plans to make more investment this year under the “Belt and Road” initiative, the company’s CEO and vice chairman Xinjun Liang said here Tuesday.
Founded in 1992, with its business focusing on insurance, industrial operations, investment and asset management, Fosun Group has been accelerating its overseas investment in recent years.
Liang said some of China’s abundant manufacturing capacity is badly needed in many developing countries in the “Belt and Road” regions.
Last year, Fosun-owned Nanjing Iron & Steel invested in building a one-million-ton steel factory in Indonesia.
“Fosun will be focusing on increasing investment in “Belt and Road” regions this year,” Liang added.
Liang claimed that Fosun’s overseas expansion strategy is underpinned by the insurance-oriented comprehensive financial capability. Now Fosun has invested in several U.S. and European insurance companies including U.S. insurance management provider Meadowbrook Insurance Group (MIG), and Fidelidade, the largest Portuguese insurance company.
Fosun has been actively implementing its investment model of ” combining China’s growth momentum with global resources”. The company focuses on developing hospitality and entertainment sectors, and has invested in French holiday company ClubMed, British traveling company Thomas Cook and Canadian circus company Cirque du Soleil.
The company has built up its capabilities in identifying and capturing investment opportunities by investing in local platform. It has invested in Japan’s fifth largest independent land ownership management company IDERA and a well-known German independent private bank BHF-BANK.
Fosun also made investment in local assets that fit the investing goal of insurance companies with stable returns, such as local bond and real estate project. It acquired the 60-story, 2.2 million-square-foot class-A office One Chase Manhattan Plaza in New York for 725 million dollars in 2013 and renamed it as 28 Liberty which has a very attractive return on rent.