Chinese billionaire Guo says ‘vibrant’ US economy entices him

Fosun Group chairman and chief executive Guo Guangchang, interviewed in New York, said he is not concerned about the slowing economy in China.Photo: Bloomberg

Chinese billionaire Guo Guangchang, who calls himself a student of Warren Buffett, says the stronger US dollar and his nation’s slowing economy are not deterring him from investing in the United States or at home.

The 48-year-old founder and chairman of Fosun Group, which owns Club Mediterranee and recently bought a stake in Cirque du Soleil, is seeking health-care, tourism, commodities and fashion purchases.

Fosun, China’s largest closely held conglomerate, has spent almost US$25 billion on purchases abroad since 2010, data showed. Deals include French resort operator Club Med and Raffaele Caruso, an Italian maker of US$3,300 men’s suits. It also bought 60-story One Chase Manhattan Plaza in New York, which it renamed 28 Liberty and uses as its US head office.

While real estate prices have surged since Fosun bought the tower from JPMorgan Chase in 2013, they still have room to increase, Guo said, citing the “attractive” US economy and immigration policies. Guo, wearing a Caruso suit, said he visits the US three or four times a year.