Fosun's unit opens learning centers for children in Shanghai

Foliday, the tourism subsidiary under the Shanghai-based conglomerate Fosun Group, together with US toy maker Mattel and French tourism giant Club Med, unveiled on Thursday two child development clubs in central Shanghai.

The clubs, under the brand name Miniversity, will mainly target children aged between 0 and 12. Each club will cover some 2,000 square meters, providing recreation, camping, retailing and dining areas. There will also be courses provided in both Chinese and English at the club. The clubs will also organize summer and winter camps later.

Mattel's leading intellectual properties, including Barbie, Thomas and Friends, Hot Wheels, Fisher-Price, Mega Bloks and Bob the Builder, will be available at the clubs.

The first Miniversity club opened at the Sanya Atlantis when the luxury resort made its debut in late April last year.

A joint venture has been set up by the three companies to manage the daily operation of Miniversity clubs. Foliday holds 40 percent in the joint venture, Club Med 30 percent and Mattel holds the rest.

Foliday's Chairman Qian Jiannong said the company will make Miniversity clubs available in the first- and second-tier cities. The company will also think about the cities where Foliday already has made footprints. Most of their future clubs will be built in third-party properties rather than their own resort projects.

Investment firm CLSA gave the Hong Kong-listed Foliday a buy rating on Wednesday, with the target price set at HK$20 ($2.5). Foliday closed at HK$16.04 on Thursday, up 1.01 percent while the benchmark Hang Seng Index climbed 0.15 percent to close at 28851.389 points.