Fosun International bets on building iconic ‘China Hawaii’
Sanya, China — China’s Fosun International on Saturday launched its Atlantis Sanya luxury resort in a $1.74bn 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 11-billion yuan ($1.74bn) investment in China’s southern province is in line with the central government’s desire to boost tourism in Hainan, which is popular among Chinese holidaymakers. Fosun, which was co-founded by Chinese billionaire Guo Guangchang, has been one of the country’s most acquisitive overseas deal makers. But like peers including Dalian Wanda Group and HNA Group, Fosun — China’s largest privately held conglomerate — 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...
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