The Tribune

ATLANTIS developer Kerzner International is reportedly partnering with Chinese conglomerate Fosun International to create a new resort experience on Hainan Island in the South China Sea.

According to reports in the international press, the $1.5 billion, 1,300-room Atlantis-branded resort will sit on 153-acres in the city of Sanya.

A report in The Wall Street Journal (WSJ) said: “Hotel operator Kerzner International Holdings Ltd was buried under a mountain of debt when its luxury projects ran into trouble during the financial crisis. Now, it is attempting a comeback with a colossal resort on the ‘Hawaii of China,’ backed by a leading Chinese investor.”

The project is expected to be completed in 2016 and will reportedly feature 18 bars and restaurants, marine life shows and a water park.

The WSJ report said: “The China project represents a second chance for Kerzner’s 78-year old founder and chairman, Sol Kerzner, and it marks a sharp break from the company’s past. Before the downturn, the hotel operator had borrowed heavily for stakes in projects it later had to sell or turn over to lenders, including giant Atlantis resorts in the Bahamas and Dubai. Last year, such property sales helped Kerzner complete a debt restructuring.

“Kerzner says the China project is part of its new approach of keeping its name off the property deeds. The hotel operator will manage the resort, while its deep-pocketed Chinese partner is putting up all the capital and owning the real estate.”

The South China Morning Post quoted Guo Guangchang, the tycoon who controls Fosun, as saying that along with this project, the Hong Kong-listed conglomerate is planning to give mainlanders a taste of luxury by organising domestic tours.

“The projects will be powered by huge Chinese demand, while being developed with the introduction of globally renowned brands,” Guo is quoted as saying. “We are investing in projects that will grow in line with the Chinese economy.”