China's Fosun to sell 60% stake in Nanjing Nangang Iron & Steel

China's Fosun to sell 60% stake in Nanjing Nangang Iron & Steel

Guo Guangchang Photographer: Paul Yeung/Bloomberg

Chinese conglomerate Fosun International said on Wednesday three of its units will sell a combined 60% stake in Nanjing Nangang Iron & Steel United for up to 16 billion yuan ($2.21 billion) to steel manufacturer Jiangsu Shagang Group.