"Privatization has made things much easier for the company," said Bao Jiangjun, CEO of FOSUN TOURISM, in a media interview on November 28. "Delisting has provided us with a better environment, especially for strategic adjustments, corporate restructuring, and building a diversified moat for the future."
Bao noted that FOSUN TOURISM enjoys robust cash flow following privatization, with a more optimized debt structure. Plans for listing the Sanya Atlantis REIT (Real Estate Investment Trust) are still underway.
On February 10 this year, during its privatization process, FOSUN TOURISM announced it was considering spinning off Sanya Atlantis for an independent REIT listing on the Shanghai Stock Exchange.
"If the Sanya Atlantis listing succeeds, we will see significant cash flow and a reduced debt ratio. Progress has been smooth so far," Bao stated.
In recent years, FOSUN TOURISM has increasingly focused on a light-asset strategy.
On September 30 last year, the company announced the sale of four property plots in Taicang, Jiangsu, for approximately RMB 394 million. The move aligns with its shift from heavy to light-asset operations, streamlining business and enhancing financial flexibility.
On December 10, 2023, FOSUN TOURISM reiterated that privatization would enable greater agility in adapting to market changes while prioritizing sustainable growth under a light-asset model.
When asked about divesting legacy heavy-asset projects, Bao emphasized accelerating the clearance of such assets.
"Including properties in Lijiang and Taicang—especially sellable units—we sold 250 units in Taicang this year. Loans there have long tenures and low interest rates. In Lijiang, we’re partnering with boutique inns to create a cluster of premium hotels, homestays, and Club Med resorts. Given Lijiang’s scale, we aim to attract more investors through collaborations, with sellable properties fully cleared by 2026," Bao explained. "Our IPO-era real estate focus is now being phased out."
The same day, FOSUN TOURISM hosted its "2026 Product Vision" conference at Sanya Atlantis, unveiling three core product lines: Super Resorts, Super Destinations, and the Super Cultural-Tourism Mall (HiSphere). The company also signed 18 partnership agreements, including 14 key projects in cities like Guangzhou, Chongqing, Hangzhou, and Xi’an—all operating under a light-asset model. However, Bao added that "exceptional projects may still receive investment."
Addressing misconceptions about FOSUN TOURISM’s operational capabilities, Bao cited Club Med’s turnaround: "When we acquired it in 2015, it was loss-making. Our RMB 4–5 billion investment helped grow revenue by 50% and room rates by 49%, turning it into an RMB 1.8 billion profit generator." With AI systems enabling standardized operations for non-standard products, Bao expressed confidence in future scalability.
Notably, the first HiSphere project, "Hi·Chongqing," developed with Chongqing Bonded Port Group, spans nearly 500,000 sqm. It features a 70,000 sqm immersive cultural street, a 30,000 sqm indoor "Forest Carnival" theme park, and a 10,000 sqm cosmic-themed experience zone, slated to open in late 2026.
By 2035, FOSUN TOURISM aims to operate 100 Club Med PAI resorts, 20 Club Med·Neighborhood resorts, and five HiSphere malls globally. "We’re exploring ways to scale rapidly during this preparatory phase—expanding horizontally for volume and vertically for profitability," Bao concluded.