(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.

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