Fosun, Prudential to launch China real estate venture
Chinese financial conglomerate Fosun Group and Prudential Financial plan to launch a real estate joint venture aimed at investing in mixed-use development projects in urban centers in China.
The companies didn't disclose their investment size in the venture, but a statement noted that they also expect to work together on real estate projects outside of China. Future investments will be done through a combination of proprietary and third-party capital.
Meanwhile, they would develop a range of products, services and educational resources for Chinese individuals and families planning for retirement.
"The growth of China's urban centers and aging of our population present significant opportunties 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 Guangchang, Fosun Group's chairman.
Fosun formed a life insurance joint venture with Prudential, which does business in China as Pramerica, in 2011 and set up a $600 million private equity fund with the same partner.
Two weeks ago, Fosun acquired an 80% stake in Caixa Seguros e Saúde (CSS), the insurance unit of Portugese state bank Caixa Geral de Depositos SA for EUR1 billion ($1.36 billion), beating out Apollo Management International.
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