Fosun International Co.,Ltd.China's top private-sector conglomerate, plans to set up a 1.505 billion yuan (US$236 million) fund to invest in sectors other than its main businesses of steel and property.

Chaired by billionaire Guo Guangchang, the Shanghai-based company is seeking to tap faster growth in consumer and financial businesses as part of a wider strategy to shift focus from certain heavy industries.

The new fund will "engage in equity and debt investments in the enterprises of industries other than the property, pharmaceuticals, steel and mining industries," Fosun said in a filing to the Hong Kong stock exchange yesterday.

Fosun said its subsidiaries Nanjing Iron and Steel Co, Tibet Fosun Investment Management and Fosun Pingyao will contribute a combined 10.3 percent to the fund, named Shanghai Fosun Chuanghong Equity Investment Fund Partnership.

Tibet Xingye Investment Management, controlled by Guo, will contribute 470 million yuan, or 31.2 percent. The rest will come from independent third party investors.

Tibet Fosun Investment Management will be responsible for the operation and management of the fund.

Fosun has made several acquisitions in the consumer and financial sectors.

In September, the company announced a 50-50 insurance venture with Prudential Financial Inc of the United States to provide insurance products to Chinese customers.

Source:china.org