China's Fosun Group is set to invest approximately $1.68 billion in a massive resort project in Sanya, South China's Hainan province.
The Sanya Atlantis is expected to open in 2017, with a hotel component, private villas and apartments and 16 restaurants.
The resort, located in Haitang Bay, involves much higher investment than the world's two other Atlantis hotels in the Bahamas and Dubai, Qian Jiannong, VP of the Fosun Group and president of Fosun Tourism and Business Group, said, noting that earnings before interest and tax of the Dubai Atlantis "basically exceeded" those of nearly 100 chain hotel brands in Europe.
The Sanya project is expected to have an annual business turnover of around $600 million, while business turnover for upscale and luxury hotels in China generally reach around 600 million yuan, according to project operator Cao Minglong.
In recent years, Fosun has made some notable investment moves, including the acquisition of Milan's historic Palazzo Broggi in 2015. It also acquired French resort brand Club Med in January 2015 and formed a JV with British tour operator Thomas Cook Group last summer. The Club med deal cost the Chinese conglomerate an estimated $1.12 billion.
Source: China Daily