“We’re interested in anything related to the tourism sector, from travel agencies and resort brands to recreational content providers,” Qian Jiannong, senior vice-president of Fosun International, said in an interview on Saturday (May 19).
Chinese conglomerate Fosun International Ltd. is looking to expand its foothold in North America’s tourism and leisure market through acquisitions, as the owner of Club Med SAS launches a new product line in China.
“We’re interested in anything related to the tourism sector, from travel agencies and resort brands to recreational content providers,” Qian Jiannong, senior vice-president of Fosun International, said in an interview on Saturday (May 19).
He was speaking at an unveiling of Club Med’s new line of resorts named Joyview in Qinhuangdao, a port city three hours’ drive east of Beijing, South China Morning Post reported.
Its new offering - Joyview retreats - will offer mid-scale getaways typically a couple of hours’ drive from major cities targeted at Chinese millennial travellers and multi-generational families, while also serving corporate functions such as conferences and team-building.
In addition to Qinhuangdao, Anji, a county three-hour drive from Shanghai famous for the bamboo forest featured, and another resort close to the Great Wall will open later this year.
“We think there’s room for three to four Joyview resorts around top-tier Chinese cities, and one or two near second-and-third tier cities,” Qian said.
The company’s tourism portfolio, including Club Med, generates most of its revenue from Europe and Asia, according to Qian, and would be better complemented by a larger North American presence.
Ongoing trade tensions between China and the US will not affect demand for travel and holidays, he said. “We take a long-term view when making an investment decision. If it is a good target, we will not hesitate,” Qian said, declining to name any specific targets.
Fosun has been growing its tourism and leisure empire with the ownership of Club Med and a joint venture with British travel agency Thomas Cook Group Plc, and the US$1.6 billion luxury hotel complex Atlantis Sanya.
Chinese ownership has revived Club Med, whose fortunes were flagging before the takeover. According to Fosun’s annual reports, Club Med recorded its most winter season visitors in a decade last year. Operating profits posted compound annual growth of 26 per cent between 2015 and 2017.