|[January 22, 2014]
Fosun Group and Prudential Financial, Inc. expand strategic partnership in China
SHANGHAI --(Business Wire)--
China's leading investment company Fosun Group (Fosun) and financial
services leader Prudential Financial, Inc. (PFI) (NYSE: PRU), which does
business as Pramerica in selected countries outside the U.S., announced
today an expansion of their strategic relationship, building on their
existing joint venture partnerships in life insurance and investment
management, and focusing on key areas of growth in China.
The two companies, which began working together in 2011, intend to
launch a real estate joint venture to invest in mixed use development
projects in growing urban centers in China. PFI will also move its China
headquarters into the Bund Financial Center, which is scheduled to open
in 2015. In addition, both companies plan to work together to develop a
retirement platform with products, services and educational resources
that help Chinese individuals and families in retirement better cope
with the challenges and those who are contemplating retirement prepare
for it with security and peace of mind.
Fosun and PFI anticipate investing in and developing mixed use projects
through a combination of proprietary and third-party capital. Both
companies also expect to work together on real estate projects outside
Fosun will also offer education and planning tools, as well as
retirement benefits, to certain long-term employees of the company.
Guo Guangchang, Chairman of Fosun Group, said: "In a very short time,
PFI has become an important strategic partner for Fosun, as we expand
our global footprint. The growth of China's urban centers and aging of
our population present significant opportunities for our two companies
to help address economic and development issues of critical importance
to China, drawing from our respective strengths in real estate,
investment management and retirement. We also believe we have a
responsibility to help our employees save for retirement, and that is
why we are making a new benefit program available to them."
Mark Grier, Vice Chairman of PFI, said: "We are delighted to expand our
partnership with Fosun and strengthen our long-term commitment to China
thrugh these new strategic initiatives and the establishment of our
China headquarters in the Bund Financial Center. We anticipate that
Fosun's investment ability and deep understanding of the market in China
will continue to help us achieve PFI's goal of developing a successful
long-term presence in China, drawing from our shared investment
philosophy and PFI's expertise and track record of developing high value
retirement products and services."
Liang Xinjun, Vice Chairman and CEO of Fosun Group, said: "This
strategic cooperation framework will encourage further utilization of
both companies' strengths, and China's growth momentum will be combined
with global resources in a profound way. Fosun Group has accumulated
extensive industrial resources and channels, while PFI has versatile
global resources. The in-depth cooperation between both companies will
generate more business value for each other, and serve as a model for
Chinese and American enterprises to share in the benefits of China's
In 2011, PFI and Fosun launched the $600 million Pramerica-Fosun China
Opportunity Fund with a $500 million commitment from PFI, the single
largest investment in a third-party management corporation in PFI's
138-year history. Pramerica Fosun Life Insurance Company Ltd., the
companies' 50/50 life insurance joint venture, commenced operations in
Shanghai in 2012. PFI also made a commitment, as a cornerstone limited
partner, to Fosun's second USD Fund in 2013.
Founded in Shanghai in 1992, Fosun Group is a leading non-state owned
enterprise in China. Fosun International (00656.HK), the parent company
of Fosun Group, has been listed on the Hong Kong Stock Exchange since 16
July 2007. Net assets of Fosun reached RMB35.7 billion at 30 June 2013,
with RMB170 billion in total value of assets under management. Having a
balanced industrial base, Fosun is now actively developing insurance,
asset management and investments. It will pursue "Value Investing"
principles combining "China's Growth Momentum (News - Alert) with Global Resources,"
marking a major step forward towards becoming a premium investment group
with a focus on China's growth momentum. Fosun is ranked No.1019 in
Forbes The World's 2000 Largest Public Companies in 2013.
For more information concerning Fosun, visit www.fosun.com.
About Prudential Financial, Inc. (PFI)
PFI is a financial services leader with more than $1 trillion of assets
under management as of September 30, 2013, and operations in the United
States, Asia, Europe and Latin America. Leveraging its heritage of life
insurance and asset management expertise, PFI is focused on helping
individual and institutional customers grow and protect their wealth. In
the U.S., the company's Rock symbol is an icon of strength, stability,
expertise and innovation that has stood the test of time. PFI's
businesses offer a variety of products and services, including life
insurance, annuities, retirement-related services, mutual funds, and
investment management. PFI and its subsidiaries are not affiliated in
any manner with Prudential plc, a company incorporated in the United
Pramerica is a trade name used by PFI and its affiliates in selected
countries outside the United States. For more information about PFI,
please visit http://www.prudential.com.
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