Fosun International Ltd. (00656.HK) and US life insurance giant Prudential Financial Inc. entered into a strategic cooperation agreement on Wednesday, forming a joint venture to invest in urban projects as well as elderly care insurance business in China, Securities Times reported Thursday. The move came after Fosun gained control of Portuguese state-owned insurance company Caixa Seguros on January 10 for one billion euro (US$1.35 billion). Fosun’s ambitions to tap into the elderly care sector are obvious, with its expertise in pharmaceutical and real estate business and the latest forays into senior care insurance, the paper said. The group’s elderly homes project in Shanghai commenced operation last year, it noted.
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