HONG KONG -- Chinese conglomerate Fosun International plans to sell its controlling stake in one of the country's main steelmakers for 16 billion yuan ($2.2 billion) as it rushes to pay down debt.
With business ranging from health care and tourism to wealth management and tech manufacturing, Fosun had racked up an estimated $36 billion in debt by the end of 2021 as China's economy faltered in the face of strict COVID-19 lockdowns that roiled supply chains, and an ongoing property crisis.
