PVCP and HNA to build 3 major vacation parks in China
A deal struck between France's biggest vacation property company PVCP and China's HNA Group will lead to the construction of three major new holiday parks in China.
A tie-up deal struck between France's biggest vacation property company Pierre & Vacances-Center Parcs Group (PVCP) and Hainan Airlines parent HNA Group, will lead to the construction of three major new holiday parks in China.
The new 300-hectare-plus sites will aim to bring the French holiday lifestyle to the Chinese market, the two companies said in statements in Paris and Beijing.
HNA Tourism Group and PVCP teamed up last November and HNA bought 10% of the listed French group's newly issued shares earlier this year for about EUR 25 million (USD 27.88 million).
The companies also formed a joint venture, HNA PV Tourism, in Beijing, and signed letters of intent for the acquisition of land. The joint venture plans to develop a total of five projects in China for the next three year, inspired by the Center Parcs concept in Europe.
PVCP has around 300 sites in Europe, and Center Parcs, a kind of family-oriented holiday camp, is the company's most famous leisure resort brand.
The business model of PVCP is to build a leisure resort and sell cottages and facilities to individuals or institutional investors, then rent them from the new owners and pay the owners annual rental fees.
Read original article