Club Med Owner Fosun Tourism Says First-Half Loss More Than Doubled To $308 Million

Fosun Tourism Group, the tourism arm of Shanghai billionaire Guo Guangchang’s investment firm Fosun International, lost 2 billion yuan, or $308 million, in the first six months of 2021, more than double a loss of 889 million yuan a year earlier as global travel restrictions amid Covid-19 pandemic hurt revenue.

Revenue at the company, a world-leader whose global brand ownership or partnerships include Club Med, Atlantis and Thomas Cook, fell to 2.78 billion yuan from 4.52 billion, Fosun Tourism said on Thursday after the close of trade at the Hong Kong Stock Exchange. (Click here for the full announcement.) A bright spot was resort business on southern China’s

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