Fosun dials up tourism push with $1.74bn Atlantis Sanya luxury resort

SANYA: China’s Fosun International Ltd 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 — 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 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 on Haitang Bay, one of the major bays in Sanya and known for its 22 kilometre strip of white, sandy beaches, Atlantis Sanya was inspired by Dubai’s Atlantis, The Palm. The integrated resort offers hotel suites with views of underwater marine life, as well as a water park and a shopping mall.
“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 said at a news conference on Saturday ahead of the resort’s grand opening. — Reuters