Fosun plans asset sales in reversal of M&A spree

Fosun Group, one of China's most acquisitive conglomerates, is preparing to sell as much as 40 billion yuan ($6 billion) in assets as it turns its focus toward raising its credit rating to above junk.

As it steps back from the more than $15 billion in overseas purchases made or announced since 2010, the group plans to disclose the disposals between now and the end of 2017, Liang Xinjun, chief executive officer of flagship unit Fosun International Ltd, said in an interview aired on Bloomberg Television on Monday.

"We will sell assets to repay debts," Liang, 47, said in Shanghai. "We have ample capability to get investment grade ratings. So either strategically, or tactically, Fosun is crystal clear that this has become our strategy."