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Fosun to deepen linkage with partner
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FOSUN Group yesterday agreed with Prudential Financial Inc to further deepen their strategic cooperation into key growth areas in China as they build on their existing joint ventures in life insurance and investment management.
The two companies, which joined forces in 2011, intend to launch a real estate joint venture to invest in mixed-use development projects in growing urban centers in China, Fosun, owned by billionaire Guo Guangchang, said in a statement released yesterday.
They also plan to jointly develop a retirement platform offering products, services and educational resources to help Chinese individuals and families in retirement cope better with challenges. The platform will also offer security and peace of mind for those who are planning retirement.
“The growth of China’s urban centers and aging of our population present significant opportunities for our two companies to help address economic and development issues of critical importance to China, drawing from our respective strengths in real estate, investment management and retirement,” said Guo, chairman of Fosun.
Fosun and PFI will invest in and develop mixed-use projects by using proprietary and third-party capital. They also expect to cooperate on real estate projects outside China.
In 2011, PFI and Fosun launched the US$600 million Pramerica-Fosun China Opportunity Fund.
Pramerica Fosun Life Insurance Co, their equally-owned joint venture, started operations in Shanghai in 2012.
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