September 2, 2016 / 3:22 AM / 2 years ago

UPDATE 1-Brazil, China to sign multibillion-dlr business deals-Brazil foreign ministry

* Fosun Group to buy stake in Rio Bravo Investimentos

* Embraer and Colorful Guizhou to sign plane deals

* Brazil’s new president arrives in China for G20 (Adds details of deals)

By Adam Jourdan

SHANGHAI, Sept 2 (Reuters) - Brazil will sign nine business deals with China in sectors including agriculture, aviation and logistics, including a $3 billion steel construction project, Brazil’s Ministry of Foreign Affairs said on Friday.

The deals were announced as Brazil’s newly-instated President Michel Temer arrived in China on Friday to attend the G20 leaders meeting in Hangzhou, his first global event after the impeachment of his predecessor Dilma Rousseff earlier this week.

China’s Fosun Group will buy a 50.1 percent stake in Brazilian fund manager Rio Bravo Investimentos, while Embraer and Chinese airline Colorful Guizhou will also sign plane deals, the ministry said in a statement issued at a business summit in Shanghai.

The State Grid Corporation of China will purchase a stake in Brazilian conglomerate Camargo Correa SA while China Brazil Xinnenghuan International Investment Co Ltd will agree $3 billion steel construction project in Brazil with the Brazilian state of Maranhao.

Fosun Group announced the deal with Rio Bravo Investimentos in July while Reuters reported on Thursday that the State Grid will buy a 23.6 percent stake in Brazilian power holding company CPFL Energia SA from Camargo Correa SA. (Writing by Brenda Goh; Editing by Shri Navaratnam)

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