Tensions with China do not care about the Club Med

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Property of chinese group Fosun, Club Med is not afraid that the tensions between China and Canada does not jeopardise its proposed $ 120 million in Charlevoix.

Xavier Mufraggi
CEO, North America Club Med

“For us, there is no reason that the project could change in relation to our shareholding. There is no impact, ” said the Newspaper, the big boss of Club Med for North America, Xavier Mufraggi, in Quebec city, yesterday.

Relations between Beijing and Ottawa have been strained since the arrest last December to Vancouver (on request american) Meng Wanzhou, chief financial officer and daughter of the founder of the giant chinese telecoms Huawei.

Since this arrest, China has even issued a warning to its own nationals in the face of the “risks” of a stay in Canada, giving the example of the “arbitrary detention” of the chief of Huawei.

Club Med, which belongs to Tourism Fosun, a subsidiary of Fosun Group, has made its entry to the Hong Kong stock Exchange last December.

$ 38 Million to help

Partner in the project, the Groupe Le Massif has shown that 70 % ($82 Million) the project will be financed by private funds. The Club Med will invest him only$ 14 Million in addition to providing his expertise. All in all, the project will benefit from government assistance of$38 Million.

According to Mr. Mufraggi, the construction of the main buildings of the future Club Med in Charlevoix is expected to begin in the coming weeks so that a final environmental approval is still pending.

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The opening of the Club Med at le Massif de Charlevoix is still scheduled for December 1, 2020.

The Club Med provides also a strong goodwill in Charlevoix at the opening of his mountain village of four seasons. Group bookings have also started.

In addition to Quebecers, Canadians, Americans and Europeans, the Brazilians will be particularly targeted.

“The Brazilians take their holidays in January. They will be very courted to come in Charlevoix, ” said Mufraggi.

In the French Alps, more than 16 000 Brazilians landed each year in the different all-inclusive Club Med.

Club Med, which is bound by an agreement of 15 years with Groupe Le Massif, provides rapid time to value with an occupancy rate of at least 90 % in winter and 80 % in the summer.