TEDA Travel Group (ticker: TTVL.ob), a Chinese travel and real estate
services company, announced its intention to launch an online travel services business similar to Ctrip (ticker: CTRP) and eLong (ticker: LONG).
Key stats from press release:
- China's travel industry was worth $47 billion in 2002, and is now
an estimated $70 billion industry.
- Growth rates are projected between 12% and 15%
annually for the foreseeable future.
About the company:
TEDA Travel Group is the only full service Chinese travel and real estate
service company publicly traded in US markets. Currently, TEDA Travel Group
is providing management services to hotels and resorts throughout China. In
addition to its property management division, TEDA Travel Group also owns the
largest timeshare operation in China as well as a portfolio of real estate
investments. Leveraged on its existing core businesses and the brand name
''TEDA,'' one of most recognized names in China, TEDA Travel Group intends to
become a market leader in the fast growing Chinese travel and real estate