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China debt crunch

China's Fosun scrambles to slim down as debt burden looms

Embattled group slashes $3bn-plus worth of noncore operations

Fosun Group is currently involved in a wide range of businesses, from commercial facilities to a gemological school. (Photo by Noriyuki Doi)

SHANGHAI -- Embattled Chinese conglomerate Fosun Group is on track to shed over $3 billion worth of assets this year, streamlining its sprawling portfolio to dispel concerns over mounting debts.

In a video message to investors on Nov. 10, Fosun Group chairman and co-founder Guo Guangchang said consumer goods and services will form the group's core moving forward.

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