ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Finance

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. 

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more