Fosun of China looking for new investment in France

19th July 2010, Comments 0 comments

The head of Chinese group Fosun, which last month acquired a stake in leisure group Club Med, said on Monday it was looking for new investment opportunities in France in the luxury, real estate and wine sectors.

Prior to the Club Med stake, "we had been looking to invest in France for a long time," Fosun head Guo Guangchang said in an interview with the newspaper Les Echos.

"We have looked into the areas of luxury, property and wine."

In mid June, Fosun acquired a 7.0-percent in Club Med with an option to raise it to 10 percent.

The French investment authority AMF said that in early July Fosun's share had risen to almost 8.0 percent.

Guo Guangchang said he hoped to boost the stake in Club Med to 10 percent by the end of the year.

"We are not acting as an investment fund," he told Les Echos. "We can stay 10 years, 20 years or forever."

Club Med wants to make China its second leading market after France by the end of 2015 with the opening of five vacation villages.

© 2010 AFP

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