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China's Fosun selling $2.2bn steelmaker stake to pay down debt

Moody's downgraded rating on sprawling conglomerate in August

If Fosun's deal to sell its stake in Nanjing Nangang Iron & Steel goes through, the conglomerate's recent asset sales will reach $4.8 billion.   © AP

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. 

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