Business | Fosun boss sees Trump in White House as good for business
Storm in a teacup: Fosun's Guo Guangchang says he's not fazed by Trump's rhetoric. Photo: Reuters.
Storm in a teacup: Fosun's Guo Guangchang says he's not fazed by Trump's rhetoric. Photo: Reuters.

Fosun boss sees Trump in White House as good for business

Guo Guangchang joins fellow uber-dealmaker Wang Jianlin in welcoming new president in the expectation that campaign pledges will be forgotten

November 24, 2016 9:11 AM (UTC+8)

Fosun Group chairman Guo Guangchang is the latest Chinese billionaire tycoon to endorse Donald Trump in the belief the US president-elect will back away from his more controversial campaign pledges, Bloomberg News reports today.

US-Chinese interests are too entwined for Trump to engage in a trade war, Guo said in a Bloomberg TV interview.

“I’m actually optimistic about the changes a businessman-turned president will bring to America,” Guo said.

Gu0 said his company would continue to seek investment targets in the US, where it bought One Chase Manhattan Plaza from JPMorgan Chase & Co. for US$725 million in 2013.

Fosun International, the group’s flagship entity listed in Hong Kong, has completed US$13.3 billion of acquisitions overseas in the past five years, US$3.7 billion of which were in the US, Bloomberg data show. However, it made no bids in the past year, the data show.

In May, Guo said he was turning his focus to emerging markets as deals became too expensive in Europe and the US. The turnaround followed the high-profile failure of Anbang Insurance Group’s US$14 billion bid for Starwood Hotels & Resorts in January and Dalian Wanda Group’s US$4.9 billion offer for Paramount Pictures Corp. The collapse of those deals stoked speculation that the increasingly fractious political relations between Washington and Beijing may have put the brakes.

Last week, Wanda’s chairman Wang Jianlin sent his “warm congratulations” to Trump, illustrating how unfazed China’s tycoons are by months of campaign threats.

“Trump himself is a businessman. Businessmen follow the rule of maximizing profit through negotiations,” Guo said in the interview.

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