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CTSG Expands In Travel Market Despite Financial Crisis
January 8, 2009 |
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China Travel Service Guangdong, one of the oldest state-owned travel agencies in China's Guangdong Province, has initiated a new round of expansion despite the current global financial turmoil.
CTSG is said to have been troubled by the problem of brand registration. However, the limit on the company's brand expansion has been eliminated recently with the opening of the company's first branch outside of Guangzhou, in Zhaoqing, and this marks the beginning of the company's expansion.
According to Wang Jian, a spokesperson for CTSG, following the opening of the Zhaoqing branch the company will set up branches in Foshan, Heyuan, and Zhuhai.
At present, in addition to its Guangzhou headquarters, CTSG manages or holds shares in 16 travel agencies with a total of more than 160 business locations. It is expected that the company will take holdings in up to 40 travel agencies with over 400 business locations after the new round of expansion, with a total investment of CNY100 million.
In addition to travel agency service, CTSG is speeding up the launch of a new business pattern of branding and franchise operation. To date it has signed and initiated five hotels projects; and its affiliate Guangdong Zhonglv Hotel Property Management Company has been assigned to operate 18 hotels.
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