Fosun Plans 7-Star Resort Hotel Near Shanghai Disneyland

Fosun International Ltd, the closely held Chinese conglomerate which acquired Club Med last year, plans to build a 7-star resort hotel near Shanghai’s eagerly awaited Disneyland.

According to a report in the official People’s Daily, Fosun CEO Liang Xinjun indicated that the group would build it’s second Atlantis Hotel near the as yet incomplete Disney project. “They (Atlantis executives) are really interested in building it near Disneyland,” Liang commented.

The Shanghai Atlantis resort would follow soon after the announcement of Fosun’s Atlantis resort on Hainan island, which is planned for completion in 2016.

When Fosun announced the Hainan project in October last year, company chairman Guo Guangchang stated that it was just the first installment in a RMB 100 billion tourism initiative by the Shanghai-based company.

For its Hainan resort, Fosun partnered with South Africa’s Kerzner International Holdings Ltd.

The company, which also owns real estate developer Forte, made the news earlier this month by acquiring Portuguese insurance firm Caixa Seguros e Saude for 1 billion euros ($1.36 billion) in one of the biggest overseas investments in the finance sector to date by a Chinese investor.

Fosun International grabbed headlines in the US last October when it agreed to purchase 1 Chase Manhattan Plaza from JP Morgan Chase for US$725 million.