(ECNS) -- Fosun International Ltd, the largest privately owned conglomerate in China, will join hands with South Africa's Kerzner International and invest over 10 billion yuan ($1.6 billion) in building a seven-star hotel in Hainan province's Sanya, according to Beijing News on Friday.
The Hainan project, an Atlantis brand hotel, will kick off on Sanya's Haitang Bay at the end of this year, and will be completed within three years.
The resort will be a combination of ocean park, recreational center, shopping malls, restaurants, and theaters, which is expected to expose visitors to special and splendid oceanic cultures.
"Though Sanya is home to a lot of hotels, resorts that can provide visitors with one-stop quality services are rare," said Guo Guangchang, chairman of Fosun.
"Atlantis hotel can help attract more overseas tourists to Sanya, which has long been a hot destination for domestic travelers," Guo added.
The project represents the first tourism real estate investment by Fosun.
At this point, there are only two Atlantis brand hotels in the world: Atlantis, The Palm in Dubai, United Arab Emirates, and Atlantis Paradise Island in Nassau, Bahamas.
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