Fosun dials up tourism push with $1.74 billion Atlantis Sanya resort
The resort adds to a broad portfolio owned by Fosun Tourism and Culture Group, a key profit growth driver for the conglomerate, which also owns the French Club Med and a stake in Cirque du Soleil.
China’s Fosun International on Saturday launched its Atlantis Sanya luxury resort in a 11 billion yuan (USD 1.74 billion) bet that the sail-shaped development will become an icon in Hainan - China’s Hawaii - and a beacon to both domestic and foreign tourists.
The conglomerate’s USD 1.74 billion investment in China’s southernmost province is in line with the central government’s desire to further boost tourism in Hainan, already popular among Chinese holidaymakers.
The resort, owned by Fosun and managed by Kerzner International, occupies an area of 540,000 square meters - equal to 66 soccer pitches - and has 1,314 guest rooms.
“Atlantis Sanya is not only a forerunner of the supply-side reform of the tourism industry, but is also becoming a new landmark of Hainan tourism,” Xu Zhenling, vice mayor of Sanya.
She said the resort will also raise Hainan’s profile overseas, as the island province - China’s largest economic development zone - seeks to further open up its economy and focus on developing modern tourism, services and high-technology industries.
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