Pierre & Vacances shares rose as much as 9 percent after it announced a tie-up with HNA Tourism Group that will see the Chinese company take a 10 percent stake in the French operator of Center Parcs holiday resorts.

The companies said they would set up a joint venture, 60 percent-owned by HNA Tourism Group, aimed at creating holiday destinations near major Chinese cities such as Shanghai, Beijing, Chengdu and Fuzhou.

They will also develop mountain resorts to cash in on interest in winter sports generated by the 2022 Winter Olympic Games in Beijing and growth in skiing holidays among Chinese tourists, the companies said in a statement.

HNA Tourism Group plans to subscribe to a reserved capital increase at 25.18 euros ($27.11) per share for the stake in Pierre & Vacances, whose shares were trading at 26.83 euros by 0534 ET, a six-week high.

The Chinese expansion builds on a partnership deal Pierre & Vacances signed late last year with developer Beijing Capital Land to build holiday sites at destinations including Shanghai and Beijing.

The move also follows Chinese conglomerate Fosun International's purchase of Pierre & Vacances' larger French rival Club Med earlier this year. Fosun has also taken a stake in British travel group Thomas Cook Group.

Greater China accounted for 10.2 percent of Club Med's customers last year, up 1.5 percentage points on 2013.