The singling out of three debt types most at risk by the People’s Bank of China has prompted Nomura Holdings Inc. to warn that rising borrowing costs will make it even harder to avoid a default by these issuers.
Forbes Media LLC is drawing interest from acquirers including China’s Fosun International Ltd. and Singapore’s Spice Global Investments Pvt, with final offers for the magazine publisher due today, people with knowledge of the matter said.
Bonds of Nanjing Iron & Steel Co., partly owned by Chinese billionaire Guo Guangchang, are set for their worst month on record as concern mounts the government’s campaign to reduce smog and overcapacity may exacerbate losses.
China’s Fosun International Ltd. bought 80 percent of Portugal’s Caixa Geral de Depositos SA’s insurance unit for 1 billion euros ($1.36 billion), beating out U.S. buyout firm Apollo Management International LLP.
Billionaire Guo Guangchang, chairman of Shanghai’s Fosun International Ltd., is seeking to expand the company’s U.S. commercial real estate investments after the acquisition of New York’s 1 Chase Manhattan Plaza.
JPMorgan Chase & Co.’s deal to sell 1 Chase Manhattan Plaza to Fosun International Ltd. would be the largest purchase of a New York building by a Chinese buyer, showing Asian investors’ growing appetite for U.S. real estate.
Fosun International Ltd., a Chinese company that last year took a stake in Greece’s Folli Follie Group, expects 2012 investments to surpass the as much as 30 billion yuan ($4.8 billion) it spent in 2011, its chairman said.
Shanghai Fosun Pharmaceutical Group Co., a maker of modern drugs and traditional Chinese medicine, rebounded in Shanghai trading after the company’s parent denied speculation that its Chairman Guo Guangchang had been detained.