SHANGHAI :
China's Fosun Flags Unit's VP, Two Aides to Watchdog for Corruption
Zhang Yushuo
DATE:  Sep 23 2019
/ SOURCE:  yicai
China's Fosun Flags Unit's VP, Two Aides to Watchdog for Corruption China's Fosun Flags Unit's VP, Two Aides to Watchdog for Corruption

(Yicai Global) Sept. 23 -- Guo Guangchang, chairman of Shanghai-based international conglomerate and investment company Fosun International, has referred the vice president of its Hainan Atlantis Business Travel Development unit and two of his subordinates to government inspectors for suspected corruption.

The suspects in the case are in charge of marketing and selling apartments and villas, National Business Daily reported yesterday, but without providing further details.

Hainan Atlantis' parent Fosun Tourism and Culture Group has built three of its deluxe Atlantis Hotels in Paradise Island, Bahamas, Dubai's Palm Island and Sanya Haitang Bay. The last project, which covers 806 mu (54 hectares) and in which Hainan Atlantis invested CNY110 million (USD15.5), opened for business in April last year. Its most famous Poseidon underwater suite goes for CNY108,888 (USD15,400) per night.

Visits to Atlantis Sanya and its annex theme parks rose by 250,000 in the first half, up from the 883,000 of the year before, data show. This increased buoyed its business revenue more than threefold to CNY606 million.

Fosun Tourism and Culture Group earned net profits of CNY300 million last year (USD42.3 million) in a turnaround following three straight years of losses.

Editor: Ben Armour

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Keywords:   Fosun