On 7 February (Lisbon local time), Fosun entered into a Direct Reference Sale Agreement with CGD in Lisbon, the capital of Portugal.

On the signing ceremony held at Portuguese Ministry of Finance, Maria Luís Albuquerque, The Minister and the Secretaries of Finance, said that the signing of the agreement was another successful example of privatization of Portuguese state-owned enterprises, it was also an important process for the recovery of the Portuguese economy. Guo Guangchang, Chairman of Fosun, promised to maintain a long-term and stable cooperation with CGD.

Huang Songfu, Chinese Ambassador to Portugal, said that this was another significant investment project for Chinese corporations in Portugal after China Three Gorges Corporation and State Grid. This also marked the beginning of Chinese private capital in joining the Portuguese privatization process. Completion of this transaction enlarges the coverage of Fosun’s insurance business. It is expected that Fosun will make more investments into other businesses in Portugal, and raise the confidence of Chinese investors for further investments in Portugal.

Paulo Portas, Deputy Prime Minister of Portugal, and Rui Machete, the Foreign Affairs Minister and the Secretaries attended the signing ceremony.

In January 2014, Fosun successfully won the bid for a proposed acquisition of 80% equity interest in CGD, for an aggregate consideration of Euro 1 billion. The insurance company is the largest insurance group in Portugal, contributing to approximately 30% of the nation’s insurance market.

In May 2011, a troika formed by European Union, International Monetary Fund and European Central Bank, reached agreement in offering Euro 78 billion aid to Portugal, the Portuguese Government then started the state assets privatization program to reduce the country’s financial deficit. At present, the Portuguese Government has completed the privatization of Energias de Portugal and Aeroportos de Portugal (ANA). The Portuguese Government is now proceeding on the privatization of other large state-owned enterprises such as TAP Portugal and Comboios de Portugal.