Utour jointly invests in US$322 million outbound tourism investment fund
Utour will invest in a 10% stake in JV tourism investment company Tianjin Youtou Jinding Investment.
Utour has announced it would invest in a 10% stake of a tourism investment company Tianjin Youtou Jinding Investment, a joint venture with Beijing Fangyuan Jinding Investment and Suzhou Jiaxin Youxiang Investment.
The joint venture, with RMB2 million (approx: US$322,079) in registered capital, will be a limited partnership company operating as a tourism industry investment fund. The size of the investment fund will reach RMB2 billion (approx: US$322 million), and Utour will be a limited partner and contribute a total of RMB200 million (approx: US$32.2 million) to the fund. The remainder will be raised in stages by Youxiang Jinding from external sources as investment progresses.
The investment fund will focus on investment opportunities for business and projects in the upstream and downstream chains of outbound tourism related services, in correspondence with Utour’s strategic development direction. Areas of investment will include outbound tourism, MICE, study and travel and study abroad, migration service, medical tourism, and outbound and overseas finance.(Translation by David)