Chinese conglomerate Fosun still confident in country’s market, growth potential

Finance

Fosun International still sees growth in China and is “confident in the Chinese market,” Thomas Xue, CFO of the Chinese conglomerate, told CNBC’s Sri Jegarajah on Thursday.

“China is slowing down a little bit, but (it is) still one of the fastest growth economy,” Xue said, reiterating his confidence in the Chinese market. “The population is there and we believe the growth is still there.”

When asked about reports that the group is weighing a bid for privately held German bank Bankhaus Lampe, Xue said “I think we have different teams looking for different opportunities.”

“At this moment, probably too early to comment on that, but I know we are always looking for good opportunities to invest in certain good companies,” Xue said at the Morgan Stanley APAC Summit.

Fosun has stakes in a number of foreign companies including France’s Club Med, Greek jeweler Folli Follie, German wealth manager Hauck & Aufhaeuser Privatbankiers, Canada’s Cirque du Soleil and American apparel brand St. John.

The move comes after Fosun took control of beleaguered tour operator Thomas Cook through a bailout package. Xue said the Thomas Cook brand will add value to its Fosun Tourism unit by leveraging its extensive platform.

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