Fosun International, which owns the Club Med chain of resorts, has sold some of its peripheral assets to raise almost $100 million in cash in recent weeks, as credit rating cuts heighten concerns about the conglomerate’s financial strength, reports the South China Morning Post.
The group sold 38 million shares in Shanghai-listed retailer Shanghai Yuyuan Tourist Mart for RMB 295.8 million ($42 million) in several transactions between August 26 and September 19, according to Shanghai Stock Exchange filings on Tuesday.
It also sold 26.1 million shares in New China Life Insurance for about RMB 400 million on September 15, trimming its ownership to 4.8% and below the 5% substantial shareholder threshold for the first time since 2016, a separate filing showed.