(Yicai Global) Jan. 16 -- Fosun International, a major Chinese investment group, has secured a CNY12 billion (USD1.8 billion) loan from a group of eight banks, the largest to a private Chinese company so far this year, amid ongoing concern over its liquidity and debts.

Fosun High Technology Group, the conglomerate’s Chinese mainland arm, signed the syndicated loan agreement today with the group led by five major state-owned lenders -- Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications -- along with participation by China Minsheng Bank, Export-Import Bank of China, and Shanghai Pudong Development Bank, the Shanghai-based firm said in a press release.

Efforts are underway to improve the financing environment for private companies after China’s Central Economic Work Conference proposed further support last December. On Jan. 13, Fosun High Tech also sold a CNY1 billion tranche of 180-day short-term bonds, its first public debt offering since last April.

The market has been concerned about Fosun's liquidity since it sold several assets last year, including stakes in Nanjing Iron & Steel, Tsingtao Brewery, Fosun Pharma, New China Life Insurance and Yuyuan Tourist. In September, Bloomberg News reported that Chinese regulators had asked commercial banks to check their exposure to Fosun's debt, a claim denied by the company.

In an interview with China Central Television on Jan. 10, Fosun Chairman Guo Guangchang said that there is confidence in China's economy thanks to the further reduction of financing costs and the widening of financing channels for private enterprises. He also said that Fosun would benefit from a recovery in consumption this year, with the culture and travel sectors being the first to rebound.

Founded in 1992, Fosun has interests in a wide range of sectors including healthcare, retail, travel, real estate, and finance. Its net profit fell 33 percent to CNY2.7 billion in the first half of last year, while revenue rose 18 percent to CNY82.9 billion.

Editors: Dou Shicong, Tom Litting