Fosun seeks to raise $500m for tourism business

Sanya, Hainan, China – 7 December 2017 – 
Chinese conglomerate Fosun International is in talks with investment banks to list its tourism business to raise at least US$500 million, according to people familiar with the situation.

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Fosun Tourism & Culture Group, Fosun’s tourism unit, includes resort operator Club Med, a Chinese joint venture with tour operator Thomas Cook Group and the luxury Atlantis Resort Hotel in Sanya, Hainan province.

The Shanghai-based parent is considering spinning off the unit as early as next year and is likely to pick Hong Kong as the listing venue, according to the people.

The company has not decided on the fundraising size yet but two of the people said the deal would raise at least US$500 million.