• Sun. Apr 21st, 2024

Fosun Tourism Group Reviews Business Portfolio: Will Atlantis Luxury Resort Be Sold?.

BySamantha Johnson

Mar 7, 2024
Review of Business Portfolio Underway by Fosun’s Tourism Unit

Fosun Tourism Group has announced that it is currently reviewing its business portfolio in response to reports suggesting that it is considering selling off a hotel resort. The luxury resort, Atlantis, situated in southern China, is owned by the Hong Kong-listed unit Fosun Tourism Group.

In a statement, Fosun Tourism Group emphasized that it consistently evaluates and optimizes its business portfolio, focusing on the growth of core businesses. The company reassured that its business is operating well with a stable financial condition. Reports suggest that Fosun is also exploring the sale of a minority stake in the luxury resort chain.

Fosun Tourism Group accounts for 9% of Fosun International’s total revenue, with its main asset being Club Med. Apart from Fosun Tourism Group, Fosun International’s conglomerate includes businesses in healthcare, financial services, and property. The company aims to strengthen its operational capabilities and streamline its activities to enhance growth. Reports suggest that the sale of assets like the hotel resort and minority stake in Club Med are part of Fosun’s strategy to manage its debt and focus on core businesses for sustainable growth.

Fosun International has been under pressure to reduce debt levels following recent investments in acquisitions such as British insurance firm Aviva and French luxury fashion brand Chanel. Selling off non-core assets could help alleviate some of this pressure and allow the company to focus on growing its core businesses.

According to sources close to the matter, there has been interest from potential buyers for both Atlantis and Club Med’s minority stake. However, it is not yet clear whether these sales will go through or if they are merely exploratory talks.

The news of potential asset sales comes at a time when China’s tourism industry is facing challenges due to the ongoing COVID-19 pandemic. However, reports suggest that there has been an uptick in domestic travel within China as restrictions have eased.

Overall, it remains to be seen how Fosun Tourism Group will proceed with its review of its business portfolio and whether or not it will sell off any non-core assets like Atlantis or Club Med’s minority stake. However, one thing is clear – Fosun International continues to prioritize managing debt levels while focusing on growing its core businesses for sustainable growth.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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