SHANGHAI— Fosun Group, one of China’s largest privately-owned conglomerate, is planning to invest in a consumer company in the United States or Europe.

"There are many projects under discussion now. It is very probable that in the second half of this year, we will invest in a consumer company in the US or Europe." said Liang Xinjun, CEO and vice-chairman of Fosun, told China Daily on Friday, but declined to give details.

"Currently, the global economy is caught in the deteriorating sovereign debt crisis of some large economies, especially in Europe, and has reduced worldwide market confidence. But it also provides us with more opportunities to invest overseas at a more reasonable price." said Liang.

"We expect to see double-digit profit growth this year and that the profits from the overseas investment will definitely outweigh those of last year."

Fosun acquired a 9.5 percent equity stake in the France-based luxury resort operator Club Méditerranée SA in June 2010 and Liang said it will open new resorts in southern China in the next few months.

He said Fosun is looking for more overseas investment opportunities in consumer brands and resources, adding that European, American and Japanese companies that are in innovative fields, such as pharmaceuticals research, are also possible targets.

"Our philosophy behind this is to marry China’s growth momentum and the world’s resources to create a strong combination," he said.

The group is trying to transform itself from an industrial group into an investment group, and expand its global investments, said Liang.

Founded in 1992, Fosun’s current areas of interests include pharmaceuticals and healthcare, property, steel, mining and retailing.

Last year, the company made 24 investments with its private-equity funds, ranging from finance and machinery to the Internet, according to a financial report by Hong Kong-listed Fosun International Ltd, the parent of Fosun Group.