Property group Orient Victory plans 49% acquisition of tour operator CCT
Major Chinese property developer Orient Victory Group plans to acquire 49% equity in China Comfort Travel for RMB441 million.
Major Chinese property developer Orient Victory Group plans to acquire 49% equity in China Comfort Travel (CCT) for RMB441 million (approx: US$71 million). Beijing Tourism Group will hold 51% equity of the travel company.
Orient Victory and CCT have yet to conclude the equity transfer agreement. It is estimated that the amount of new shares issued by CCT will not exceed 20% of its issued shares. CCT Group is a Chinese tour operator offering services in domestic travel, outbound travel and inbound travel.(Translation by David)