World Economy

Despite capital controls, China's 'Warren Buffett' says he's pushing ahead with overseas acquisitions

Investing outside China not a problem: Fosun chairman
Investing outside China not a problem: Fosun chairman

Fosun International, one of China's largest conglomerates, is still pursuing acquisitions overseas, despite curbs on capital outflows by Chinese regulators.

Speaking with CNBC's "Managing Asia" on the sidelines of Fosun's earnings announcement for 2016, Chairman Guo Guangchang said his company has enough offshore capital to meet its global ambitions.

"Fosun is different from other Chinese companies: We have a lot of capital reserves out of China," he said, adding that this means capital controls will not impact the way the firm expands overseas.

"On the other side we are fairly confident about the Chinese economy, and we will invest more in China," he added.

Guo, who has been called China's "Warren Buffett," has been on a buying spree over the years. Fosun has made high profile acquisitions such as France's Club Med and Brazil's investment firm Rio Bravo, and it has purchased stakes in Britain's tour operator Thomas Cook, Canada's Cirque de Soleil and Indian drugmaker Gland Pharma.

In 2016, Fosun's consolidated assets grew by 19.5 percent to 486.78 billion yuan ($70.7 billion).

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