FOSUN Group, China’s biggest private conglomerate, will look for more opportunities in the United Kingdom and Europe in the volatile wake of Britain’s referendum vote to leave the European Union, the company’s billionaire co-founder and chairman said at a Reuters Newsmaker event Tuesday.

    Guo Guangchang, a self-styled student of U.S. investor Warren Buffett, said the Brexit vote has created more opportunities for investors amid jumpy financial markets following last Thursday’s referendum.

    “For a value investor, volatility is a friend not an enemy. Market volatility and panic will probably bring better investment opportunities. So we are increasingly looking for development opportunities in Europe, and particularly in the United Kingdom,” Guo said.

    The Brexit vote has reverberated through financial markets, sending the pound to its lowest level in 31 years despite government attempts to relieve some of the confusion about the political and economic outlook.

    “Our currency risks in the United Kingdom have been fully hedged because we used insurance funds for some investments,” Guo said, adding his company has not been affected much by the Brexit vote.

    Guo, 49 and one of China’s most powerful business leaders, said now is also a good time to invest in oil and commodities.

    Guo said Fosun will this year focus on its tourism and health interests.

    Already invested in medical companies, Fosun will invest more in health management and health insurance, he said, and will create synergies among its tourism holdings, including Club Med and Cirque du Soleil.

    (SD-Agencies)