HNA Takes Stake In France's Pierre & Vacances

November 9, 2015

Pierre & Vacances announced a tie-up with HNA Tourism Group that will see the Chinese company take a 10 percent stake in the French operator of Center Parcs resorts.

The companies said they would set up a joint venture, 60 percent-owned by HNA Tourism Group, aimed at creating holiday destinations near major Chinese cities such as Shanghai, Beijing, Chengdu and Fuzhou.

They will also develop mountain resorts to cash in on interest in winter sports generated by the 2022 Winter Olympic Games in Beijing and growth in skiing holidays among Chinese tourists, the companies said in a statement.

The Chinese expansion builds on a partnership deal Pierre & Vacances signed late last year with developer Beijing Capital Land to build holiday sites at destinations including Shanghai and Beijing.

The move also follows Chinese conglomerate Fosun International's purchase of Pierre & Vacances' larger French rival Club Med earlier this year. Fosun has also taken a stake in British travel group Thomas Cook.

(Reuters)