Fo­sun Group to merge tourism as­sets

China Daily (Hong Kong) - - BUSINESS -

Fo­sun Group, the Shang­hai-based con­glom­er­ate backed by billionaire Guo Guangchang, is fold­ing tourism and en­ter­tain­ment as­sets Thomas Cook Group Plc and Club Mediter­ra­nee SA into a new en­tity called Fo­sun Tourism and Cul­ture Group. The new com­pany was reg­is­tered in Septem­ber, and the changes are part of Fo­sun’s re­struc­tur­ing, the con­glom­er­ate said in a state­ment posted to its WeChat ac­count late on Tues­day.

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