SHANGHAI :
Fosun Tourism Soars After Group Unveils Plan to Open Regional HQ in China’s Sanya
Chen Shanshan
DATE:  Apr 14 2020
/ SOURCE:  Yicai
Fosun Tourism Soars After Group Unveils Plan to Open Regional HQ in China’s Sanya Fosun Tourism Soars After Group Unveils Plan to Open Regional HQ in China’s Sanya

(Yicai Global) April 14 -- Shares of Fosun Tourism Group climbed after the Shanghai-based company said it will set up a regional headquarters in Sanya to strengthen its local investment and market development, and did not rule out moving its operations base to the southern Chinese beach resort in the future.

Fosun Tourism [HKG:1992], the listed unit of conglomerate and investment firm Fosun International, rose almost 6 percent today to close at HKD7.10 (92 US cents), after earlier gaining more than 10 percent.

The company signed an agreement with the Sanya government yesterday that encompasses participation in local economic events, joint marketing activities, development of offshore tourism markets through Fosun’s global advantages, and further upgrading of the tourism complex project, Atlantis Sanya, that the group established in the coastal city.

The island province of Hainan, where Sanya is located, has long been an important market for Fosun Tourism, where it has invested in and established two major projects, Atlantis Sanya and Club Med. Atlantis Sanya, a tourist destination with surging online popularity, saw CNY1.3 billion (USD184.4 million) in revenue last year after luring 5.2 million visitors.

Affected by the Covid-19 pandemic, Atlantis Sanya closed some hotel rooms, restaurants, aquariums and water parks on Jan. 28. But with the outbreak gradually brought under control in China, its aquariums and water parks reopened on March 6 and March 28, according to Chairman and Chief Executive Qian Jiannong.

Hotel occupancy at Atlantis Sanya exceeded 55 percent during the Qingming, or tomb-sweeping, festival earlier this month, even reaching 70 percent during peak hours.

Founded in 2009, Fosun Tourism acquired Club Med, the French resort operator, in 2015, and it has also established joint venture projects with British travel agency Thomas Cook Group and US toy manufacturer Mattel.

Editor: Peter Thomas

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Keywords:   Fosun Tourism,Sanya,Covid-19