Fosun International, the Chinese conglomerate that is participating in the landmark Helleniko property redevelopment project in southeast Athens, is now turning its attention to Greek tourism, Bloomberg said in a report on Tuesday.
According to reports, Fosun wants to use its stake in tour operator Thomas Cook Group to start offering vacation packages aimed specifically for the vast Chinese market, Senior Vice President Jim Jiannong Qian said in an interview in Athens on May 4.
Beijing predicts 1.5 million of its citizens will enjoy holidays in Greece in the medium term.
“Greece is a very safe place for visitors,” Qian, who is also president of Fosun’s Tourism and Commercial Group, said. There are also good opportunities for tourism investments in Greece, he added.
Fosun is in discussions to buy existing hotels and resorts, or to construct new units in Greece via its wholly owned Club Med SAS. An increase in Chinese visitors to Greece would eventually lead to direct flights from Beijing and Shanghai to Athens, Qian said.
The 54-year-old executive said the situation in Greece has changed since the company first invested in Athens-based luxury goods retailer Folli Follie Group in 2011. “Greece’s economy is recovering now and can also deliver very good opportunities for foreign investors … We look at the figures from retail sales and of the tourism sector.”
Shanghai-based Fosun, which manages 64.3 billion euros in total assets globally, has invested more than 200 million euros in Greece through its direct holdings in Folli Follie and indirectly through Thomas Cook and Club Med, Qian said. “If you can help the economy grow, for example if we have the package product for Greece, then we create more jobs for restaurants, for retail stores, for taxi drivers.”
Fosun dismissed reports that it was interested in buying a stake in Greek banks but has already placed a bid for acquisition of National Bank of Greece’s insurance affiliate, National Insurance, and according to Qian, does not face a ceiling when it comes to investments, as long as the opportunity is worth it.
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