Chinese financial manager Fosun Group expands relationship with US-based Prudential Financial to focus on more China growth opportunities.

Chinese investment firm Fosun Group has expanded its strategic relationship with US-based Prudential Financial by focusing on more key growth areas in China.

In a statement, the two firms said they are building on their 2011 deal to launch a new real estate joint venture that will invest in mixed use development projects in growing urban centres in China. Prudential will also move its China headquarters into the Bund Financial Centre, which is scheduled to open in 2015. In addition, both companies plan to develop a retirement platform with products, services and educational resources that help Chinese clients in retirement.

"The growth of China's urban centres and aging of our population present significant opportunities for our two companies to help address economic and development issues of critical importance to China, drawing on our strengths in real estate, investment management and retirement," commented Guo Guangchang, chairman of Fosun Group. 

In 2011, PFI and Fosun launched the $600 million Prameric-Fosun China Opportunity Fund with a $500 million commitment from PFI. Pramerica Fosun Life Insurance, the firms' 50-50 life insurance joint venture, began operations in Shanghai in 2012. PFI also committed to build a second US dollar fund with Fosun in 2013.