Zhejiang Tourism Investment acquired a 14.78% shareholding in Sunriver Culture & Tourism through a judicial auction, becoming the company’s second largest shareholder as of October 23, 2026. The court auction reduced Sunriver Culture & Tourism’s total system holdings from 58.08% to 48.07%, with about 10% of shares sold by the court.
Sunriver Culture & Tourism encountered financial difficulties in late 2025, including a redemption crisis involving approximately 20 billion yuan in wealth management products that affected nearly 10,000 investors. In December 2025, Sunriver’s actual controller, Yu Faxiang, faced criminal compulsory measures and was later investigated in October 2026 by the
China Securities Regulatory Commission on suspicion of illegal information disclosure.
Zhejiang Tourism Investment was established in August 2020 by merging provincial tourism assets and enterprises such as Zhejiang Tourism Group and Zhejiang Zheqin Group. Focused on consolidating Zhejiang’s tourism sector, the investment firm operates the Radisson Hotel Group, which ran over 200 hotels with more than 20,000 rooms at inception and reported over 260 hotels signed and operating in 2025, with third-party data indicating 385 hotels under formal contracts nationwide.
Sunriver Culture & Tourism owns thousands of hotel rooms concentrated in scenic areas like Qiyun Mountain Resort Hotel, which has
over 400 rooms, and the recent trial operation of 158 new rooms at Yuehua Hotel Phase II starting July 17, 2026. Its portfolio includes resorts and hotels in locations such as Qiyun Mountain, Bifengxia, Huangshan, Danxia Mountain, and Fenghuang Ancient City. However, most properties remain unprofitable, with Danxia Mountain Culture & Tourism reporting a net loss of 9.15 million yuan and negative operating cash flow of almost 10 million yuan in H1 2026.
The hotel assets of Sunriver Culture & Tourism are primarily resort-style properties in scenic spots, serving to extend tourists’ stays rather than generate direct profits. Approximately 80%
of their rooms are in Qiyun Mountain and Danxia Mountain resorts, with remaining hotels totaling fewer than 300 rooms. Room prices at these scenic properties generally range between 300 and 500 yuan per night, aligning with Radisson Hotel Group’s mid-to-high-end urban hotel pricing.
Zhejiang Tourism Investment’s Radisson Hotel Group mostly operates urban business hotels, often managed under government or property owner entrustment, with limited presence in scenic resort destinations. The acquisition of Sunriver’s scenic spot hotels provides a complementary portfolio, combining Radisson’s brand strength and management expertise with Sunriver’s heavy-asset scenic hotels.
Sunriver Culture & Tourism founded the Sunkyuan Hotel
Management Company in April 2023 to manage its scenic resort hotels and expand management operations. Radisson’s asset-light management model, focused on brand output and service, lacks legacy involvement in scenic resort hotels, making Sunkyuan a strategic entry point for Radisson to enter this market segment through management contract integration.
Additional operational advantages for Zhejiang Tourism Investment include control over Zhejiang China Travel Service Group, a top 20 Chinese travel agency with robust group tour and passenger flow capabilities, and the Radisson-operated membership platform “Yuelaihui,” which facilitates customer reacquisition and repeat business beyond one-time bookings.
Sunriver Culture & Tourism reported passenger
flow of 5.615 million person-times in the first half of 2026, a 9.98% increase year-over-year. The fastest-growing scenic spots were Qiyun Mountain (+41.69%), Mangshan Mountain in Hunan (+36.75%), and Dayao Mountain Panwangjie in Guangxi (+44.77%). The Yangtze River Delta region remains the primary source market for visitors to these resorts, overlapping with Zhejiang Tourism Investment’s existing regional stronghold.
This judicial auction acquisition enables Zhejiang Tourism Investment to integrate tourism resources and hotel management capabilities in Zhejiang province, enhancing its portfolio by adding scenic resort hotels to its predominantly urban hotel holdings, thereby supporting provincial tourism development goals under the 14th
Five-Year Plan.
