Fosun International, whose 3.8 billion yuan (HK$4.31 billion) purchase of a steel plant in Tianjin is still awaiting state approval, said it would continue to seek acquisitions over the next two years as falling asset values create new opportunities.
'The global economic crisis has created good investment opportunities for cash-rich companies like us, and 2009 to 2010 will be the best buying times,' said Liang Xinjun, the Shanghai-based conglomerate's vice-chairman and president.
Mr Liang said the mainland would still be Fosun's focus.
'When other major economies are experiencing recession next year, China is still expecting economic growth of 7 to 8 per cent. China will still be the growth driver of the world economy.'
Priority will be given to overseas-listed mainland firms in sectors including consumer goods, pharmaceuticals, retail and financial services, all of which have been heavily sold off by investors.
Mr Liang said the company, whose businesses range from retail to pharmaceutical supplies, financial services, property development, mining and steel, still had more than 10 billion yuan cash and 14.7 billion yuan of credit facilities.
