Some inland region, like Xinjiang province, is starting to tax on resources. Will there be any change on the profitability of Fosuns mining business in the future?
• Xinjiang is the first region to impose resource tax, which currently only affects petroleum and natural gas. Fosun’s investment in resources is mainly iron ore, which is not affected for the time being. • With the right opportunity, Fosun will try to increase investment in iron ore and coal resources in the future. We also consider land bank as a type of resources. We also plan to increase our investment in industries that are related to Chinese consumers’ upgraded consumption habits, such as consumer services industries similar to the one Club Med operates in, or insurance business. We are very positive about the long-term development of those industries. • Fosun intends to develop investment capabilities with a global vision, and at the same time to strengthen and improve our capabilities in management improvement. This is why we have invited Mr. Snow, the former US Secretary of Treasury as an advisor to our board. This is also why we’ve initiated our collaboration with the Carlyle
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