Fosun sells Sydney property
Sydney – 19 December 2017 –
Chinese conglomerate Fosun has sold off its first investment in Sydney’s property market as Beijing’s crackdown on overseas deal-making has forced several Chinese companies to dial back on some ambitions abroad.
Fosun, one of China’s most prolific deal-makers, sold its 95 percent stake in a Sydney office tower for A$142.5 million to Australian property investment firm Propertylink Group and Swiss-based investment manager Partners Group, Reuters reported.
Fosun in January 2015 bought the North Sydney tower at 73 Miller Street with Propertylink for A$116.5 million ($89 million), according to a statement Propertylink issued at the time.
The Chinese government has been stepping up scrutiny of outbound investment, notably in sectors such as property, hotels and entertainment, as well as sports clubs and films.
The powerful state planner on Monday issued new rules for overseas investment by private companies, aiming to stamp out instances of firms violating policies, engaging in unfair competition and poor safety and quality management.
Beijing’s crackdown on showy overseas ventures has this year drawn in several corporations such as Dalian Wanda, HNA Group, Anbang Insurance Group and Fosun.
Fosun, headed by billionaire chairman Guo Guangchang, is best known outside China for its portfolio firms including French resort chain Club Med, Canada’s Cirque du Soleil and Portugal’s largest listed bank Millennium.