Fosun Group, China's biggest listed private conglomerate, is investing 40 billion yuan ($5.87 billion) in creating Mediterranean-style projects in Taicang, east China's Jiangsu province.

Important officials from Suzhou and executives from Fosun Group, including Li Yaping, deputy Party secretary of Suzhou, Guo Guangchang, president of Fosun Group, Shen Mi, Party secretary of Taicang, attend the signing ceremony in Taicang on June 28. [Photo provided to China Daily]

Guo Guangchang (left), president of Fosun Group, and Li Yaping (right), deputy Party secretary of Suzhou after the signing ceremony. [Photo provided to China Daily]

Qian Jiannong (left), vice-president of Fosun Group, and Wang Jianguo (right), mayor of Taicang, sign the agreement. [Photo provided to China Daily]

Under the contract, Fosun Group will draw inspirations from holiday towns in Europe to create international tourist spots in four areas: Taicang South Railway Station, Hai Yun Di, Jincang Lake and Shaxi ancient town. These will cover about 1.27 million square meters.

The company plans to develop comprehensive facilities at the resorts, including dining, accommodation, shopping and entertainment. There will be ski resorts, water parks, clubs, hotels, exhibition centers, performance venues, sports and leisure parks, international schools, and family-friendly clubs, to cater to visitors to the Yangtze River Delta area and even the entire East China region.

The project aims to host 5 million tourists a year and make annual revenue of 4 billion yuan.

Qian Jiannong, senior vice-president of Fosun Group, reveals in an interview that the company has selected Taicang as a partner in a major tourism project because the city offers excellent location, culture, environment and, most importantly, is home to many branches of European and US businesses. [Photo provided to China Daily]

About Fosun Group

Fosun Group, founded in 1992 and headquartered in Shanghai, China, focuses on industrial operations, integrated finance, the internet, assets management and insurance. It was listed on the main board of the Hong Kong Stock Exchange in 2007. At the end of 2016, the organization's assets were worth more than 480 billion yuan.