China Billionaire’s Fosun Sells Stake In Diamond Concern To Blackstone For $455 Million

Shanghai Yuyuan Tourist Mart, a retail subsidiary of China billionaire Guo Guangchang-controlled Fosun International, has agreed to sell 80% of its ownership in diamond-related investment arm Alpha Yu to a fund controlled by New York-based Blackrock for $455 million, Fosun said in a statement today.

The sale of the diamond processing and consulting business marks the latest disposal of assets by highly diversified Fosun amid a roller-coaster ride for investors in the company’s Hong Kong-listed shares in the past two years.