Wanda Tourism continues regional takeover with investment in C&D Tourism
Wanda Tourism will leverage its investment partnership to integrate C&D International Tourism’s superior resources and cement C&D’s position in Fujian.
Wanda Tourism formed a strategic partnership with Xiamen-based C&D Tourism and invested in C&D International Tourism.
C&D Tourism, the wholly-owned subsidiary of one of China’s top 500 companies C&D Group, was established in 2003 with operations and investments in hotels and tour operation. C&D Tourism leads the Fujian tourism market and owns three major brands – Yeohwa luxury hotel brand, Yihao business hotel brand and comprehensive travel agency C&D Travel Service. C&D Tourism has invested in and is operating 14 hotels –10 luxury hotels and 4 mid-range business hotels – with 3,471 rooms in the major cities of Xiamen, Fuzhou, Quanzhou and Wuyishan in Fujian province. It recorded RMB2.74 billion (approx: US$441 million) revenue in 2014.
Established in 1994, C&D International Tourism has secured its market position and distribution in all the major cities and attractions in Fujian province over 20 years of operation. It has built a network of its major domestic tourism source markets and destinations and has built a significant scale. Its comprehensive range of service covers domestic tourism, inbound and outbound tourism, Taiwan travel, cruises, MICE and cultural media. It has been growing at an average annual rate of 29% for the past 10 years and achieved record performance in a number of areas, chalking up RMB1.758 billion (approx: US$283 million) in revenue and handled 1.41 million travelers in 2014.
Wanda Tourism will leverage its investment partnership to integrate C&D International Tourism’s superior resources and cement C&D’s position in Fujian’s regional market. C&D International Tourism will also leverage partnerships with Wanda Tourism’s subsidiaries such as Shenzhen CITS in southern China, Zhejiang Everbright Travel Nanjing, Yuanye Tourism and Wixi CITS in the Yangtze River delta to complement its operations and share resources to gain control of the vast regional market to the south of the Yangtze River.(Translation by David)