For Fosun International, respecting local culture is its secret to success as many Chinese companies wanting to go global face obstacles because they lack an understanding of local culture.

Since 2010, Fosun, the family-focused Chinese conglomerate, began acquiring Western leisure and fashion brands, including France's holiday company Club Med, Canada's entertainment group Cirque du Soleil, U.S. luxury clothing label St. John, Greek jewelry brand Folli Follie, France's oldest fashion house Lanvin, and Austrian lingerie maker Wolford.

In New York City, it also owns a 60-story landmark building in Lower Manhattan at 28 Liberty Street. "When we bought it from JPMorgan Chase, there were doubts and concerns that we wouldn't be able to run it well or operate it in an American style," said Bo Wei, chief executive representative of Fosun International in the United States and Vice President of Fosun Property Holdings during an event on June 19.

"As a major Chinese company, we're here not to survive, but to grow," Bo said. "We obey local market rules and operate legally. More importantly, we try to understand local culture, respect local people's feelings and do business in a local way. We hope to make Americans look afresh at Chinese companies."

"After buying the building, instead of renaming it after our company, we called it '28 Liberty,' with full respect for the history of the building and local customs in Lower Manhattan," Bo added.

"While operating legally and professionally, we're also a friendly company. For example, we're hosting free outdoor movies at our plaza for the neighborhood," he said. The building's plaza hosts a variety of community events throughout the year, from food festivals to arts programs to educational experiences and more.

On June 4, an annual music program that provides pianos throughout the city, Sing for Hope, was launched from 28 Liberty, which also donated a full 34,000-square-foot floor to serve as a communal studio for artists to design the pianos. In alignment with the Sing for Hope and other arts organizations, Fosun aims to advance 28 Liberty's role as a center for arts and culture in Lower Manhattan, according to Bo.

The event space and an adjacent restaurant, Bay Room and Manhatta, which were opened on June 19, offer a convenient social place for people living and working in Lower Manhattan, said Bo. Partnered with Danny Meyer, a renowned New York restaurateur and CEO of the Union Square Hospitality Group, the two are located at the top of the 60-story building, providing a sweeping panoramic view of the New York City skyline and surrounding waterways.

(Reporting from the New York City)

Copyedited by Rebeca Toledo

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