dThomas Cook Group plc has entered into an agreement with Fosun International Limited to establish a joint venture to develop domestic, inbound and outbound tourism activities for the Chinese market under Thomas Cook brands. The joint venture will be 51% owned by Fosun and 49% by Thomas Cook. The joint venture will combine Thomas Cook's brand heritage, know-how and expertise in international travel with Fosun's in-depth local market knowledge and operational resources, enabling Thomas Cook to benefit from direct exposure to China's growing demand for leisure travel. Fosun and Thomas Cook will make a combined cash contribution to the joint venture of RMB 15 million (GBP 1.56 million) to support the initial start-up phase, of which Thomas Cook will contribute approximately half. Thomas Cook's contribution will be funded from existing resources.  Additional funding will require unanimous approval of the board of the joint venture. The board of the joint venture will comprise four members, with Thomas Cook and Fosun appointing two members each. Of the executive management team, Thomas Cook will nominate the General Manager and Finance Manager. The joint venture is expected to be operational in the autumn, subject to obtaining the relevant regulatory approvals and licenses, and will be based in the China (Shanghai) Pilot Free Trade Zone.

Reto Wilhelm, currently managing director of Thomas Cook's Eastern and Western European businesses, will take up the position of General Manager of the Joint Venture company.