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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Chinese investors Fosun buy Club Med stake AFP - Monday, June 14 Send IM Story Print Chinese investors Fosun buy Club Med stake Slideshow: Full Photo Coverage: Business & Economy PARIS (AFP) - – Chinese investment company Fosun bought a seven-percent stake in French leisure group Club Med, which is looking to tap the growing Chinese tourism market, the two companies said on Sunday. "Fosun has acquired 7.1 percent of Club Med's share capital, and has become one of Club Mediterranee's largest strategic investors," they said in a joint statement. They did not say how much the Chinese group paid but the stake would be worth 25.6 million euros (31 million dollars), according to Club Med's market capitalisation at the close of markets on Friday. "In the very promising Chinese market, Club Mediterranee wants to become the leading operator of upscale all-inclusive resorts, with the objective of making China its second largest market within the next five years," they added. China's tourism revenue last year totalled one trillion yuan (146 billion dollars, 121 billion euros), according to the statement. The companies said they had launched "a strategic partnership agreement in order to build comprehensive cooperation in upscale resort construction and operation as well as developing global business synergies." Club Med said in February that it planned to open a ski village in November at the Mountain Yabuli resort in Heilongjiang province, northeastern China -- its first Chinese venture, through a deal with Melco China Resorts. It said it wants to build five such sites by 2015. "On a mid-term basis, the parties will cooperate to identify opportunities for the opening of new resorts, through greenfield development or by taking over existing upscale resorts," the companies said. Club Med said on Friday it had returned to profit in its first half despite a flat European holiday market, with a net profit of three million euros in the six months to March 2010. The French company is credited with inventing the "all-inclusive" holiday model 60 years ago. It now has holiday resorts in 40 countries. Fosun is China's biggest private conglomerate, listed in Hong Kong, with investments in pharmaceuticals, property development, steel, mining, retail, services and strategic investing. In March it launched a joint venture with the private equity giant Carlyle Group, setting up a yuan-based investment fund to tap into China's growth potential. Club Med has "a strategy of being the worldwide specialist of all-inclusive, upscale and multicultural vacations," its chief executive Henri Giscard d'Estaing said in the statement. "Asia constitutes in itself a major opportunity in the carrying out of this strategy and... China will play a central role in it." 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