Peter Fankhauser, Thomas Cook Group chief executive, has signed memorandums of understanding with Fosun for the development of the Casa Cook and a Thomas Cook Sunwing Family Resort in Lijiang in south-western China, and Taicang near Shanghai.

The hotels will be built by Fosun and managed by Thomas Cook China, with both expected to open in late 2020.

Thomas Cook China was founded in 2016 and grew customers "eight-fold" in 2018, according to Cook, which said its Asian-based arm was “building the foundations to grow” to become comparable in size to Cook’s other key source markets.

The two properties follow previously-announced projects with Hong Kong-based tourist resort development company, DreamEast Group, for two Thomas Cook Sunwing Family Resorts – one in Jiashan near Shanghai and the other Hengyang, in southern China.

Fankhauser said: “By partnering with Fosun to develop two flagship new hotels that will be managed through our joint venture, we’re making the most of our relationship to give Chinese customers a holiday experience that’s very different to what’s on offer from the competition.

“It’s especially pleasing to be realising our long-held ambition to work with Fosun to launch own-brand hotels, which form the core of our group strategy for profitable growth, here in China.”

Jim Qian, Fosun Tourism executive director and chief executive, said: “Today’s agreements with Thomas Cook China are another step forward in the development of our two key destination projects in Lijiang and Taicang.

“Building on the strengths of each other’s businesses, this strategic partnership further enhances Fosun Tourism’s proposition for the development of new tourism destinations, integrating two new hotel brands that fit perfectly within our existing portfolio.”