HONG KONG/LONDON, Nov 22 (Reuters) – China’s Fosun International Ltd (0656.HK) has appointed Deutsche Bank (DBKGn.DE) to advise on a potential sale of its stake in Hong Kong-based reinsurance company Peak Re, four people with knowledge of the matter told Reuters.
The sale comes as the tourism-to-financials conglomerate is battling with high debts. Ratings agency Moody’s downgraded the company’s credit rating to B2 last month and revised its outlook to “negative” from “ratings under review”.