FOSUN International Ltd. is looking to expand its foothold in North America’s tourism and leisure market through acquisitions, as the owner of Club Med SAS launches a new product line in China.

“We’re interested in anything related to the tourism sector, from travel agencies and resort brands to recreational content providers,” said Qian Jiannong, senior vice president of Fosun International.

A bigger presence in North America would complement Club Med and Fosun’s tourism portfolio, which generates most of its revenue from Europe and Asia, according to Qian, who also chairs Fosun Tourism and Culture Group.

The trade tensions between China and the United States will not affect demand for travel and vacations, he said.

“We take a long-term view when making an investment decision. If it is a good target, we will not hesitate,” Qian said, declining to name any specific targets.

Club Med is the crown jewel of a tourism and leisure empire that Fosun has been assembling, which also includes a joint venture with British travel agency Thomas Cook Group Plc., and a US$1.6 billion luxury hotel complex, called Atlantis, on China’s southern island of Hainan.

Unlike other Club Med resorts that are more destination-driven, Joyview retreats are mid-scale getaways typically a couple of hours drive from major cities, targeted at Chinese millennial travelers and multi-generational families, while also serving corporate functions such as conferences and team-building.

The new offering was tailored for Chinese vacationers who have shorter holidays, said Qian, who conceived the idea in 2011. “After I joined Club Med board in 2010, I suggested to them there needed to be a different product for the Chinese market,” he said.

Fosun first invested in Club Med in 2010, and acquired control in 2015 for US$1.3 billion after a protracted takeover battle against Italian billionaire Andrea Bonomi.

Chinese ownership has revived Club Med, whose fortunes were flagging prior to the takeover. According to Fosun’s annual reports, Club Med recorded its most winter season visitors in a decade last year. Operating profit posted compound annual growth of 26 percent between 2015 and 2017.

Anji, a county famous for the bamboo forest featured in the film of “Crouching Tiger, Hidden Dragon,” and another resort close to the Great Wall will open later this year. (SD-Agencies)