Chinese firms sign deal with European brands to tap tourism sector

A strategic partnership agreement to bring two leading European leisure and holiday brands into China was signed by four companies on Wednesday.

With the agreement, Pierre & Vacances-Center Parcs Group (PVCP Group), HNA PV Tourism Co Ltd, CDB Urban Transportation Investment Development Fund and Riverside Group will bring Sunparks and Pierre & Vacances, two European brands that specialize in holiday villages, to Riverside Towns developed by Riverside Group.

The aim of the deal is to explore the market of family holidays for the emerging middle class.

PVCP President and CEO Gerard Bremond said he was quite optimistic about the prospect of the cooperation. “The two brands have greatly changed some European towns and villages. Now I can see the need in China, and we are glad to devote our efforts to make a change.”

A latest industry survey showed that the country’s tourism revenue exceeded 5.3 trillion yuan last year, showing the huge potential in this sector.

“We are confident that we could built the project into a new example of leisure and holidays,” said Li Zhe, chairman of Riverside Group. The company has signed a deal with Six Flags Entertainment Corp to develop a number of theme parks in China.

Sunparks and Pierre & Vacances are famous for holiday resorts that offer various themed parks in Europe. Their promotion in China, however, aims at providing a multi-facet experience that also covers shopping and healthcare.

It was reported that the four companies will cooperate in the development of tourism projects with the investments exceeding 10 billion yuan.

Liu Yukun contributed to this story