Fosun Tourism said the business volume of its tourism operation plummeted 53.2% to RMB 6,947.7 million (USD 1,066 million) in 2020. Some of the company's Club Med resorts around the world had to be closed for certain period of time due to the COVID-19, which resulted in the reduction in the capacity of Club Med resorts in 2020. The business volume of the Club Med resorts decreased by 58.4% year on-year to RMB 5.61 billion as compared with that in 2019. By 2023, Fosun Tourism plans to open 16 new Club Med resorts, half of which will be located in China.