50 years ago，When Buffett became the largest shareholder of Berkshire Hathaway，If you buy the company’s stock for $100，50 years later，$100 will turn into $1 million。This is the legend of the investment group。

Fosun Group, also an investment group，Known as Buffett’s “Chinese disciple” of long-term value investing。Fosun CEO Liang Xinjun said bluntly in 2014: "The current Fosun Group is very much like Buffett in his youth"。

To know，Invest in travel company American Express，This is a decisive step on Buffett’s road to fortune。Following the steps of “idol”，Fosun has also embarked on the path of investment in the tourism industry。

2010，Fosun established tourism and business group，Becoming the third largest shareholder of China National Travel Service、Building a high-end hotel in Hainan，To2014 Acquisition of international resort chain Club Med、In 2015, it invested in Thomas Cook, a British travel agency with a history of 174 years、Invest in Ctrip’s themed travel startup Aiwan...a series of actions indicate，Fosun is going to make efforts in the tourism industry。

Days ago，Global Travel News interviewed Qian Jiannong, Vice President of Fosun Group and President of Tourism and Commerce Group，Trying to find out what this investor understands about tourism。

“Tourism is the industry that benefits the most from consumption upgrading”

Qian Jiannong once led the drugstore chain Neptune to be listed on the New York Stock Exchange as CEO，His previous main work experience was in the retail and consumer industries。For entering the travel circle，Qian 188bet Online Sports Betting and Casino Jiannong has his own understanding: "Tourism is also a part of big consumption。Based on global development experience，When residents’ income increases，The structure of consumption will also change，Tourism is the industry that benefits the most from consumption upgrade。After food and clothing are solved，People will want to travel，Have more insights。”

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actually，Fosun calls its large consumer business including tourism a “happy fashion” industry，It’s its finance、Hive City、One of the strategic sectors alongside big health。Qian Jiannong introduced，Fosun has invested in nearly 80 projects in the happy fashion consumer industry，Total 39.7 billion yuan，Among them, tourism and leisure account for the largest proportion，reach 60%。

2010，Fosun formally proposes globalization strategy，What a coincidence，The project of investing in Club Med that was completed by Qian Jiannong，Regarded as Fosun’s first real overseas direct investment。Qian Jiannong first told some stories behind the investment。

“From the perspective of the entire Fosun Group，Want to invest overseas，The initial idea is definitely to invest in an industry with very good growth in China，Then look for an outstanding company in this industry。At that time，We have analyzed many industries in Europe，Those who are traveling，There are also fashion consumer goods、Luxury goods，We also selected 5、6’s company。My first time meeting someone from Club Med，The two sides chatted quite speculatively，They also agree with our concept of tourism，Including judgment on the Chinese market。We believe that under the circumstances at that time，High-end business hotels and budget hotels in China’s hotel industry，It has developed very rapidly，But the most lacking areas and products，It is a resort and leisure hotel，Almost none in China。We have a good understanding with the people at Club Med on this point。”

Qian Jiannong’s memories，Club Med already had a certain understanding of China at that time，There is also a strong intention to develop resorts in China，"So soon，First meeting in March 2010，It only took 3 months to complete the first investment in Club Med。There are inevitable factors in this process，Somewhat accidental。”

This is just the beginning of Fosun’s possession of Club Med。After earning two board seats，By 2014，After a classic business war，Fosun finally completed the nearly wholly-owned acquisition of Club Med。

However, Qian Jiannong does not agree with the previous statement in the media that "Club Med is a good shell resource for Fosun": "Shell resources generally mean buying a shell to use for listing，But we are the opposite，We are going to delist it。”

“In 2010, we believed that China’s outbound tourism would develop very rapidly”

Holding and delisting，Actually, it’s all for better control，And deal with the next changes。“There is definitely a difference between a controlling shareholding and a mere shareholding for us。First of all, to promote the development of global business，Holding shares can stabilize the shareholder structure，is more powerful，And the implementation of China strategy，It will also be faster。”

“Many places in China hope that Club Med can build resorts there，Because this is a product that fills a gap in the Chinese tourism market。Look at the traffic jams every holiday、A huge crowd，There were even stampedes at some attractions，But this does not mean that Chinese consumers only like sightseeing and travel，But the Chinese market lacks leisure and vacation products”，Qian Jiannong said。

“On the one hand, leisure vacation can be free of traffic pressure，On the other hand, it will promote local consumption。The average stay at Club Med globally is 7 days，Some people may stay for two weeks。If consumers can stay in one place for so long，That is good for local consumption。”

Except Guilin, Guangxi、Heilongjiang Yabuli、Three existing resorts on Dongao Island, Guangdong， Club Med is preparing to combine China’s resource conditions、Holiday characteristics of Chinese tourists，And room and activity requests，Create a Chinese sub-brand called “Joyview by Club Med”。Compared to Club Med’s existing property form，Joyview is closer to China’s major cities with the most spending power，The driving time is only 2-3 hours，Providing exquisite short-distance holidays。Visitors also expect shorter vacation 188bet app days at Joyview，Therefore Joyview will also be involved in the MICE market。

The two Joyview resorts currently under construction are located on the Gold Coast of Changli County, Qinhuangdao, Hebei Province，And Anji County, Zhejiang Province。Changli Golden Coast is adjacent to the Bohai Sea，Very close to Beijing、Tianjin，Anji County is close to Hangzhou and Shanghai。

Qian Jiannong said，Invest in Club Med，In addition to building some resorts in China，Another reason，Let Chinese tourists go abroad to experience vacation。“In 2010，We believe that China’s outbound tourism will develop very rapidly，I can see it more and more clearly now。Initial outbound travel，Mostly go to some major cities，For example, Paris、London etc.，Includes Hong Kong in Southeast Asia、Tokyo、Singapore，But with the changes in the Chinese tourism structure，More people will like and afford overseas purely leisure and vacation products。”

According to introduction，Sales of Southeast Asia Club Med in China，It has been growing at double-digit or even higher percentages in recent years。According to Bloomberg estimates，In the future, Chinese tourists may account for one-third of Club Med’s total global users。

As an integrator of the tourism industry, Fosun pays more attention to global business

 “After Fosun Absolute Holdings Club Med，I suddenly entered the platform of global tourism resource operation。With China’s economic growth and increase in residents’ income，There are also various countries’ relaxation of tourist and business visas for Chinese residents，Will promote China’s outbound and inbound tourism，Club Med will play a very important role。”

Fosun announced its investment in Thomas Cook, a long-established British travel agency in 2015，The ideas are also coherent。Overseas，Fosun hopes that the business of Thomas Cook and Club Med can create some synergies，Also taking Chinese tourists out via Thomas Cook，Invite foreign tourists。“The purpose of our investment in Thomas Cook is not single-minded，European tourists’ views on Chinese culture、Cities are increasingly interested”，Qian Jiannong revealed，Fosun will establish 188bet sports betting app download a joint venture with Thomas Cook，To promote the latter’s business in China，And increase its shares in the future。

By mastering the resources of Club Med and Thomas Cook，Qian Jiannong said，Fosun has become a global tourism investor and industry integrator，“Different from other companies，We will pay more attention to global operations。”

Domestic: The future trend of tourism is that some companies will be eliminated

However, Fosun is also taking frequent actions in the domestic tourism industry。In addition to financial investment China International Travel Service、Investing in the world’s third Atlantis “seven-star” hotel in Hainan，And strengthen channel layout such as cooperation with Zhongxin Travel，Fosun actually has contacts with many domestic tourism companies。revealed recently，They participated in the investment in "Aiwan", an independent startup company under Ctrip。Ai Wan’s main business is golf and other theme tours，This choice also reflects Fosun Group’s focus on targeting domestic investment opportunities: “The lifestyle of the middle class drives the rapid upgrade of China’s economic consumption power”。

2014，Investment in Chinese tourism, especially online travel startups，Use "crazy" to describe，I’m afraid it’s not an exaggeration。To this，Qian Jiannong also talked about some of his views on this lively circle: "China is one of the countries with the fastest growing tourism industry in the world，There is no problem with the growth of this industry。But the future trend of the tourism industry is，Some companies will be slowly eliminated。Enterprises must seize the opportunity to upgrade consumption、The changes brought about by globalization and new technologies on the tourism industry，Follow the trend，Otherwise even in a good industry，Some companies will still be eliminated。”

As an investor，Amidst the excitement, he also noticed the "risks" of the tourism circle: "Resident income growth，Travel products are constantly being upgraded，Transportation facilities are also improving，Information is transmitted faster and faster，Good places will be known to many people soon...every aspect is promoting China's outbound 188bet online sports betting travel、Inbound tourism grows explosively，But if you don’t control the direction，Enterprise risks still exist。For example, vicious price competition，For example, price competition causes a decline in the quality of tourism services，You can see，There are a lot of complaints about the tourism industry now，These are all problems that need to be solved。”

As for online travel, which has received the most attention from capital and media，Qian Jiannong’s observation is: in the final analysis, it is the problem of the product itself，“What kind of products can follow the rapid growth of online travel，This is important”。He said，Love to invest in golf and other themed tours，The main reason is precisely in the process of upgrading domestic tourism products，Fosun is more interested in this kind of new business。