French company partners with HNA

A business cooperation deal struck between Europe's biggest vacation real estate company, Pierre & Vacances-Center Parcs Group and Hainan Airlines Co Ltd parent HNA Tourism Group, will lead first to the construction of three major new holiday parks in China.

The new 60 to 300 hectare-plus sites will aim to bring the French holiday lifestyle to the Chinese market, the two companies said in statements in Paris and Beijing.

Analysts said that in recent months there have been many reports of Chinese companies buying up French companies, either to acquire advanced technology or to enter France's market. However, they added, that this cooperation agreement plans to transplant the famed French life style and leisure concept to the Chinese tourism market.