(Yicai) June 9 -- Construction has begun on the second phase of the Taicang Alps Resort in Taicang, a city located just 50 kilometers away from downtown Shanghai. The project will feature the world’s biggest indoor ski facility, a variety of upscale entertainment attractions and internationally themed hotels.

Costing CNY5 billion (USD695 million), the project is being developed by a company backed by the Taicang municipal government and Fosun Tourism Group, the Chinese owner of French hospitality brand Club Med and luxury resort Atlantis Sanya. It is scheduled to be completed and open to the public by June 2029.

Once finished, phase two will set several world records for indoor snow parks, including a 650-meter-long slope and a 100-meter vertical drop. Combined with the existing first-phase facilities, the resort will boast the world’s longest indoor ski trail and largest cold-zone area.

Visitors will also be able to enjoy panoramic views of Taicang and even see distant Shanghai landmarks such as the Oriental Pearl Tower from the elevated snow-themed observation lounge.

This is Fosun Tourism’s first major project since the Shanghai-based firm delisted from the Hong Kong Stock Exchange in March.

"Going private has given us more flexibility in strategy and more opportunities for resource allocation. We’ve adjusted our development direction and product lines and plan to pursue more diversified, asset-light resort projects going forward," Chief Executive Officer Bao Jiangjun told Yicai.

Bao did not disclose how much Fosun Tourism is investing in the Taicang resort nor its ownership stake in the project.

The first phase of the resort opened in November 2023, featuring six themed zones including a ski slope, ice parks and hotels. Since opening, it has welcomed over one million visitors, including nearly 120,000 during the eight-day Spring Festival holiday this year, almost six times the number in the same period last year.

Thanks to the resort’s success, Taicang logged a 14.1 percent jump in tourist numbers in 2024 from the year before, while tourism revenue surged 11.7 percent. As a result, tourism and culture now make up a bigger share of the city’s economy.

Editor: Kim Taylor