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Fosun to open Club Med ski resort near Beijing to capture China’s new-found love for snow sports leading to 2022 Winter Olympics

Club Méditerranée, which operates all-inclusive holiday resorts around the world, plans to open a winter retreat with a ski school near Beijing to take advantage of the expected popularity of snow sports during the 2022 Winter Olympics in the Chinese capital. The company, commonly known as Club Med, will open a resort near the Chinese capital, where the winter games are scheduled to be held in three years’ time. Several ski resorts – including the Secret Garden resort by Malaysia’s Genting… Source link

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Club Med owner Fosun Tourism swings to profit during its first year of listing in Hong Kong

Fosun Tourism Group, the Chinese owner of the Club Med resort chain, swung to profit in 2018, the year of its Hong Kong listing, as its resorts attracted more tourists.Full-year profit attributable to shareholders was 308.4 million yuan (US$45.9 million), or 0.30 yuan per share, compared with a loss of 196.5 million yuan in 2017, said the company in an exchange filing on Sunday. Revenues increased 38 per cent to 16.3 billion yuan, according to the statement.Business volumes from Club Med rose 8… Source link

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At least eight guests struck down by norovirus at luxury Club Med Yabuli resort in northern China

Eight guests celebrating the Lunar New Year holiday at the luxury Club Med Yabuli resort in northern China had contracted the norovirus sometimes known as “winter vomiting bug”, according to the resort operator. “Harbin local government confirmed that eight guests received medical treatment for symptoms of the ‘Winter Vomiting Bug’ Norovirus on February 9 and 10 at Club Med Yabuli in Heilongjiang Province,” said a statement released by Club Med on Monday. Harbin is the capital city of China’s nothernmost province. No one had been kept in hospital for treatment,…

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Club Med parent Fosun Tourism slides 3.4 pc in Hong Kong trading debut

Shares of Fosun Tourism, the Chinese owner of the Club Med resort chain, dropped in debut trade in Hong Kong on Friday, after selling less than half of the stock allocated for the city’s retail investors. Fosun Tourism shares fell 3.4 per cent to HK$15.06, easing from its initial public offering price of HK$15.60 as of 10:25am on Friday, in line with a broad sell-off in Hong Kong shares. The company, which was spun off from Chinese private conglomerate giant Fosun International, managed to sell only 30 per cent of…

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Retail investors shun Club Med owner’s Hong Kong IPO

Fosun Tourism Group, which owns the Club Med resort chain, failed to sell less than half of the shares allocated for retail investors in its initial public offering, in yet another sign of weakening demand for new listings in Hong Kong. The company received applications for 6.47 million shares, a mere 30 per cent of the 21.4 million shares kept aside for Hong Kong investors, or a tenth of all shares it issued, according to a statement released on Thursday. The world’s largest tourism group by revenue priced the IPO…

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Club Med owner scales back Hong Kong IPO plan by nearly half amid downbeat mood

Fosun Tourism Group, owner of the French holiday resort chain Club Med, has cut the size of its Hong Kong initial public offering by almost half amid a slumping market and a surge in new share offerings. The company, the largest leisure tourism resorts group in the world by revenue, plans to raise as much as HK$4.28 billion (US$547 million) by pricing 214.2 million shares to be sold at a range between HK$15.6 to HK$20 per share, it said in a statement on Thursday. Fosun Tourism initially aimed to raise…

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Club Med owner Fosun Tourism receives approval to list shares in Hong Kong

Fosun Tourism Group, owner of the French holiday resort chain Club Med, has received listing approval from the Hong Kong stock exchange in an initial public offering expected to raise up to US$1 billion, according to a source familiar with the deal. Fosun Tourism, the largest leisure tourism resort group in the world by revenue, will be spun off from parent Fosun International, one of China’s most acquisitive privately-controlled conglomerates, into a separately-listed firm. The approval means Fosun Tourism could join online parenting firm Babytree Group and online travel agent…

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