(Bloomberg) -- Fosun International Ltd., the Chineseconglomerate that’s been buying insurers and property overseas,plans to raise $1 billion partly to fund acquisitions in theinsurance industry.

The company will sell the shares at HK$19.48 to HK$20.32 each,according to a term sheet obtained by Bloomberg. The shares will besold at a 3% to 7% discount to the last closing price on May 8.

Fosun Group, backed by Chinese billionaire Guo Guangchang, hasbeen on an acquisition spree ranging from Australian energycompanies to New York city office buildings. Fosun Internationalsaid last week it is planning a $1.84 billion merger withBermuda-based insurer Ironshore Inc. after buying the shares itdoesn’t already own.

The company will need to secure adequate equity and debt ordispose of assets in the next 10 months to settle the acquisitionof Ironshore, Moody’s Investors Service analyst Kai Hu wrote in areport Monday.

Fosun’s “sizeable payments” due before the end of the year andreliance on short-term debt funding are putting pressure on itsliquidity, Hu wrote. The company’s unpaid investment obligationswere about $3 billion and it had 46 billion yuan ($7.4 billion) inshort-term debt at the end of 2014, Hu estimated.

Buying Insurers

Fosun International could increase the offer to as much as $1.2billion, according to the term sheet.

The company will “definitely” invest in more insurers in Europeand the U.S. in the coming two years, Guo, a self-confessed studentof Warren Buffett, said in an interview at Bloomberg’s headquartersin New York last month.

Fosun International, based in Shanghai, earned about 13% oftotal revenue from its insurance business in 2014, according todata compiled by Bloomberg.

It is talking with three to four insurance companies at home andabroad for potential investments, Caixin magazine reported inApril, citing Chief Executive Officer Liang Xinjun’s comments on aconference call with investors.

Fosun’s overseas deals have included French resort operator ClubMediterranee SA and Raffaele Caruso SpA, an Italian maker of $3,300men’s suits. It also bought 60-story One Chase Manhattan Plaza inNew York, which it renamed 28 Liberty and uses as its U.S. headoffice.

China’s insurers, including Fosun and Anbang Insurance Group Co.have been on a global buying spree.

Fosun offered $433 million in December to buy Southfield,Michigan-based property-casualty-focused Meadowbrook InsuranceGroup Inc., and is also said to be looking at Bermuda- incorporatedOneBeacon Insurance Group Ltd.

It also bought an 80% stake in the insurance unit of Portugal’sCaixa Geral de Depositos SA last year.

--With assistance from Emma Dong in Shanghai.

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