The firm estimated that the debt at the holding company, including onshore debt, offshore debt and bank loans, is much lower. In terms of cash, with a tightening credit market, it is understandable that the company needs to take quick action to convert liquid assets into cash. It is estimated that the cash generated from its recent asset sales, together with its cash on hand is getting closer to being able to repay its near-term debt obligations. Morgan Stanley has therefore reiterated its "Overweight" rating on Fosun International with a target price of HK$11.4. Source: Fosun