Portugal put 80 percent of Caixa Geral SA insurance unit on sale and Chinese Fosun International Ltd. (656) won the bid for its purchase at 1 billion euro ($1.36 billion) over U.S. Apollo Management International LLP firm.

According to the Portuguese Secretary of State for Finance Manuel Rodrigues, Fosun International will complete the purchase in the insurer with its won funds.

Caixa Geral has been put up for sale as part of a condition for a European Union bailout of the class of 78 billion euro, which requires Portugal to dispose of assets and increase revenue. The Chinese company has been diversifying its overseas holdings since last year when it won approval to purchase the French resort operator Club Meidterrabee SA (CU) with Axa Private Equity last July.

Fosun International, moreover, already holds an insurance venture with U.S. life insurer Prudential Financial Inc. and is the operator of Peak Reinsurance in Hong Kong. It stakes also extend to Greek jewelry maker Folli Follie.

The Chairman of the company, billionaire Guo Guangchang, stated during an interview in New York last month that he plans to expand the company’s investments in U.S. commercial real estate after buying New York’s 1 Chase Manhattan Plaza.