Fosun plans asset sale in M&A reversal

Fosun Group, one of China’s most acquisitive conglomerates, is preparing to sell as much as 40 billion yuan ($6 billion) in assets as it turns its focus towards raising its credit rating to above junk. As it steps back from the more than $15 billion in overseas purchases made or announced since 2010, the group plans to disclose the disposals between now and the end of 2017, Liang Xinjun, chief executive officer of flagship unit Fosun International Ltd., said in an interview airing on Bloomberg Television on Monday. “We will sell assets to repay debts,” Liang, 47, said in Shanghai.  Fosun is bucking the trend, with companies like Dalian Wanda pushing 2016 on to the biggest ever year for Chinese foreign acquisitions.