The Chinese holiday group known as Foliday has signed a strategic cooperation agreement with the Sanya municipal government. The agreement states that Foliday will inject large capital sums to build the Sanya Fosun Cultural Tourism City.
The destination will feature world-class theme parks, themed hotels, international shopping centres, wellness centres, wealth management centres, and more.
Shanghai Foliday announced it was to ‘invest heavily’ in the Hainan province several years ago. The company has subsequently introduced a number of well-known international brands to Hainan.
One such brand is the Sanya Atlantis park, which opened in April 2018. In 2019, revenue of the park reached 1.31 billion yuan (approx. US$0.18 billion). The site attracts an annual visitor count of around 5.2 million.