Billionaire Guo Guangchang’s Fosun International Ltd. plans to raise as much as HK$5.18 billion ($669 million) in a rights offering for refinancing and general corporate purposes after its stock surged this year.
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.
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.
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.
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.
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.
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.