Fosun to invest in $1.6b resort in Hainan

Fosun International (0656.HKG) is set to invest in a US$1.6 billion resort in China’s southernmost province of Hainan, Bloomberg reported, citing a Hong Kong stock exchange filing on Thursday. The project at one of China’s biggest tourist destinations should be ready by 2016. Qian Jiannong, president of Fosun Tourism & Commerical Group, said on Thursday that the resort would be built with Kerzner International Holdings while Fosun would fund the entire project. Fosun, a Shanghai-based conglomorate, is currently trying to diversify its holdings, which already include property, mining and pharmaceuticals.