The deal will be paid through Zhonghong's overseas subsidiary Neo Dynasty in cash, according to the announcement.

A&K's original owners include U.S.-based hedge fund manager Fortress Investment Group. 

Founded more than 50 years ago, A&K has become a major player in luxury tourism, providing high-end expeditions in more than 100 countries.

Zhonghong develops and operates leisure and vacation real estate, primarily in Beijing and Hainan Province.