In Sanya, on Hainan Island off China's southeast coast, Fosun is investing $1.5 billion in the world's third Atlantis hotel, following ones in Dubai and the Bahamas. The Atlantis Sanya will have an aquarium, 20 restaurants, and promises "revolutionary water play" in its water park. "We want to bring concepts that have proven to be successful globally to China," said Mr. Qian. "Chinese consumers are open-minded and welcome new ideas."
The Atlantis Sanya, scheduled to open in 2016, will have 1,300 guest rooms. It is hardly the biggest development for Hainan, which already has about 200 hotels with more on the way. Agile Property Holdings 3383.HK +0.11% and Morgan Stanley Real Estate are building six five-star hotels and a marina, and have already sold 10,000 apartments at Sanya's Clear Water Bay. The development will offer golf and water sports.