Chinese conglomerate Fosun International has won approval from the Hong Kong stock exchange to spin off its tourism and hotels unit that includes Club Med as it seeks to expand its travel business globally.

Fosun did not give a timeline for the spin-off of wholly-owned subsidiary Fosun Tourism and Culture (FTC) and said the separate listing was not subject to shareholder approval.

Local reports suggested Fosun was aiming for a listing valued at around $500 million, according to Bloomberg News.

Fosun has been assembling a tourism and leisure empire over the last few years, acquiring French all-inclusive operator Club Med for $1.3 billion in 2015.

The tourism unit also includes luxury hotel development Sanya Atlantis and other tourism-related products and services.

The company also has a joint venture with Thomas Cook Group in China.

Fosun built Atlantis for $1.6 billion on China’s southern island of Hainan, where the government has started a push to promote tourism.

The company said in May it wanted to increase its foothold in North America through acquisitions and starting a new brand of resorts in China.

“The company will issue a further announcement as and when FTC files a listing application with the Hong Kong stock exchange for the proposed separate listing,” Fosun said.

More: Fosun tourism arm ‘set for $500m listing’