Qian Jiannong, vice-president of Fosun and president of its tourism and commercial group, said: "The joint venture with Thomas Cook has a competitive advantage since there is a lack of innovation and differentiation in the travel product offerings for Chinese tourists in China and abroad now."

Fosun International is a major private investor on the acquisition trail in Europe and the US.

Last year Fosun spent more than $8 billion in investments, ranging from the tourism and movie industries to the Internet, some of which were overseas.

In January, Fosun purchased Club Med.

"Thomas Cook has good brand recognition and is regarded as having the leading position in the European tourism market, and Club Med will become an investment platform for Fosun's integration of the fashion and lifestyle industry. The strong alliance between the two sides will allow us to further develop international leisure tourism," said Qian.

Peter Fankhauser, CEO of Thomas Cook, said the company is excited at the prospect of entering China, the largest and fastest-growing tourism market across the world.

"Our heritage, know-how and expertise in international travel together with Fosun's in-depth market experience and operational resources give us a solid platform to precisely capitalize on China's increasing demand for leisure travel," said Fankhauser.