Fosun Group, a Chinese firm known for its acquisition spree, is set to part away with some of its assets worth 40 billion Yuan ($6 billion) in a bid to improve its credit rating, Bloomberg reported.

Fosun Group's current credit rating is below junk. The company's unimpressive credit rating is due to its $15 billion investment in overseas acquisitions since 2010, which has been mainly fueled by debt taken from banks and other financial institutions.

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"We will sell assets to repay debts," Liang Xinjun, Chief Executive Officer of Fosun International told Bloomberg. "We have ample capability to get investment grade ratings. So either strategically, or tactically, Fosun is crystal clear that this has become our strategy."

Liang disclosed that Fosun Group would sell properties, bonds, and stock holdings to raise 30 to 40 billion Yuan, adding that company can sell more than that if the need arises. Liang also said that the group is mulling making an initial public offering (IPO) for some of its subsidiaries such as Club Med, Cirque du Soleil and U.K. travel group Thomas Cook.

Fosun Group's announcement comes at a time when other big Chinese corporates are aggressively bidding for oversees companies. Some of the top oversees trophies of Fosun Group includes Club Med, Wall Street's 28 Liberty building, and Cirque du Soleil.

Fosun's debt accumulated between 2013-15 as it bought many expensive properties and companies abroad. As a result, well-known credit rating agencies such as Moody's and S&P raised concern over the rising debt and subsequently downgraded its credit below junk level.

Some analysts have noted that it is too early to predict that Fosun's asset-sales plan will have any positive bearing on its rating as much will depend on how much it ends up selling and how much debt it parts away with.

Liang clarified that Fosun is not giving up on acquisition all together. The company's pharmaceutical unit recently mopped up Indian pharma company Gland Pharma. The company was also in the news recently for purchasing a majority stake in English football club Wolverhampton Wanderers.

TagsFosun Group, Fosun Group International, china, Guo Guangchang