China Fosun dials up tourism push with Atlantis Sanya luxury resort

Wanda Hotel Development

28/04/2018 08:58

By Shu Zhang and Bobby Yip
    SANYA, China, April 28 (Reuters) - China's Fosun
International Ltd  0656.HK  on Saturday launched its Atlantis
Sanya luxury resort in a $1.74 billion bet that the sail-shaped
development will become an icon in Hainan - China's Hawaii - and
a beacon to tourists domestic and abroad. 
    The conglomerate's 11 billion yuan ($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.
    Fosun, co-founded by Chinese billionaire Guo Guangchang, has
been one of the country's most acquisitive overseas dealmakers.
    But like peers including Dalian Wanda Group and HNA Group,
Fosun has faced increased scrutiny by Beijing for debt-fuelled,
big-ticket foreign deals and is now pursuing a development path
more closely aligned with Beijing's priorities.
    Tourism is viewed as key to China's shift towards a more
consumption-driven model of economic growth from an investment
and export-led one. Beijing aims to raise the country's tourism
market revenue to 7 trillion yuan by 2020, from 5.3 trillion
yuan last year. 
    Located along Haitang Bay, a 22-kilometre strip of white,
sandy beaches, Atlantis Sanya was inspired by Dubai's Atlantis,
The Palm, according to Fosun. The integrated resort offers hotel
suites with views of underwater marine life, as well as a water
park and a shopping mall.
($1 = 6.3325 Chinese yuan renminbi)

 (Reporting by Shu Zhang and Bobby Yip in SANYA
Writing by Ryan Woo
Editing by Kenneth Maxwell)
 ((shu.zhang@thomsonreuters.com; +86 10 6627 1271; Reuters
Messaging: shu.zhang.thomsonreuters.com@reuters.net))