China's Fosun, Prudential to launch China real estate venture

SHANGHAI Wed Jan 22, 2014 2:07am EST

SHANGHAI Jan 22 (Reuters) - Fosun International Ltd and Prudential Financial Inc said on Wednesday they will launch a real estate joint venture aimed at investing in urban projects in China.

The companies did not give a size of their investment in the venture, but said without elaborating that they also expect to work together on real estate projects outside of China.

The Chinese conglomerate and the second-largest U.S. life insurer have previously invested in a 50/50 Shanghai-based life insurance joint venture, Pramerica Fosun life Insurance Co, which started in September 2012, as well as two private equity funds.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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