Sunac, Fosun selling tourism assets

Cash-strapped mainland companies Sunac (1918) and Fosun International (0656) are seeking to dispose of their tourism-related assets for funds.

But Sunac has received no response so far for four tourism projects on sale, mainland media reported.

Among them are a new cultural tourism zone in Wuhan in Hubei province with a reserve price of about 1.1 billion yuan (HK$1.2 billion) and a hotel in Chengdu with an asking price of 597 million yuan.

Some projects are being put on sale for a second time.

A tourism project in Wuxi in Jiangsu province was put up for auction in November but failed to draw any bids. In a fresh auction last week, the reserve price was reduced by 19 percent to 1.7 billion yuan.

Meanwhile, Fosun's tourism unit is reportedly in talks of selling Thomas Cook to Polish online travel agent eSky, Sky News reports.

A deal with eSky, which is majority-owned by private equity firm MCI Capital, could be reached in coming weeks, according to the report.

Thomas Cook collapsed in 2019 after it failed to finalise a restructuring plan. Fosun bought the business for 11 million (HK$108.8 million) after it collapsed.