The developer of the Atlantis resorts in the Bahamas and Dubai is planning a similar resort for China.
The Atlantis resort in Sanya Hainan on the South China Sea will cover 62 hectares and include many of the features found in the other Atlantis resorts, including an "Aquaventure Waterpark and exotic marine exhibits."
Shanghai-based conglomerate Fosun International is investing 10 billion yuan ($1.6 billion), as part of a larger investment in resorts and tourism businesses around China.
"The projects will be powered by huge Chinese demand, while being developed with the introduction of globally renowned brands," Fosun chief Guo Guangchang told a press conference yesterday. "We are investing in projects that will grow in line with the Chinese economy."
Earlier this year Fosun led a $729 million offer to buy French resort company Club Mediterranee, a deal still awaiting shareholder approval.
Kerzner International, led by South African tycoon Sol Kerzner, is known for developing Sun City, as well as the Atlantis properties. The company was hard hit during the downturn and sold stakes in both the Bahamas and Dubai resorts as part of a debt restructuring.
In a change of strategy, Kerzner will manage the China property, while Fosun funds development.
"We are focusing on managing hotels," Alan Leibman, Kerzner's international chief executive, told the Wall Street Journal.
The Sanya Atlantis will include 1,300 hotel rooms, 18 bars and restaurants and interactive dolphin shows. Groundbreaking is scheduled for this year.
"China is the perfect location for our next Atlantis destination resort," Mr. Leibman said in a statement. "This resort is set to quickly become a new landmark in China and will introduce the fun, interactive entertainment experiences at the heart of the Atlantis philosophy."