Worldway Comprehensive News: Recently, according to reports from Sina Finance, Fosun International announced the performance of its subsidiary Fidelidade Insurance Group (Fosun Portugal Insurance) for the first half of the year, with premium income of 2.223 billion euros, including 1.612 billion euros from life insurance and 611 million euros from non-life insurance, an increase of 12.3% and 8.2% respectively. It recorded a net profit of 210 million euros, an increase of 113.7%. Currently, the favorable investment opportunities in Portugal provide excellent opportunities for Chinese enterprises and investors to strike gold.
【Fosun Group Chairman Guo Guangchang】
Fosun Group CEO Liang Xinjun stated, “For Fosun, Portugal has become a major gateway to enter Europe and it welcomes investments from China. In addition, compared to other European cities, the cost of living in Lisbon is also relatively low.”
Fidelidade is Fosun Group's first acquisition project in Portugal, and there are high expectations for the company. “We believe Fidelidade will become one of the more competitive insurance giants in Europe within two to three years.” In addition to bringing part of Fidelidade’s business to China, another important goal is to restructure its investment framework. Liang Xinjun stated, “We are encouraging Fidelidade to diversify its investments and look globally.”
Since the outbreak of the Eurozone debt crisis in 2011, Chinese enterprises have invested nearly 6 billion euros in Portugal. Last year, Fosun invested 1.7 billion euros to acquire 80% of Portuguese insurance company Fidelidade. Subsequently, Fidelidade acquired the private hospital operator ES Saúde, which was previously owned by the Espírito Santo Group. It also acquired a 5% stake in Redes Energéticas Nacionais, the Portuguese national grid.
Worldway Immigration Experts point out: The “deer hunting” by Chinese-funded enterprises in Portugal shows that Chinese companies are full of confidence in the economic situation of Portugal. In recent years, Portugal has successfully overcome the debt crisis, and the economic recovery momentum is strong, leading Chinese enterprises to see huge business opportunities. This optimism is echoed by the investment enthusiasm of Chinese individual investors, particularly in property immigration. Since the implementation of the “Golden Residence Permit Program” by the Portuguese government in October 2012, 2,420 Chinese investors have obtained Portuguese immigration status by purchasing properties worth at least 500,000 euros in Portugal, accounting for 80% of the total approved numbers by the Portuguese Immigration and Borders Service (SEF). The significant entry of Chinese enterprises into Portugal is bound to continue driving Chinese investors to invest in real estate in Portugal.