TEDA Travel Group announced that it has signed a definitive agreement to purchase a majority interest of Shanghai Bowking Hotel Management Co. Limited, a leading boutique hotel management company in China. The deal is expected to close in March.

Mr. Godfrey Hui, CEO of TEDA Travel Group stated, This acquisition will strengthen the Group's position as a leading hotel management group in China. It also allows us to expand into Shanghai, China's largest and most comprehensive industrial and commercial city. In recent years, occupancy rates for the better and more desirable hotels in Shanghai run very near 100% year round. This was a primary reason for seeking acquisition properties in Shanghai.

Started in 2000, Bowking is a leading boutique hotel management company in China. Based in the vibrant city of Shanghai, Bowking is led by a hotel veteran-cum-professor Mr. Nan Zhang. Bowking will orchestrate the opening of no fewer than five 4 and 5 star hotels in China this year.

Mr. Nan Zhang, CEO of Bowking, comments, We are delighted to join TEDA Travel Group. The management and business expertise provided by Teda Travel Group is crucial for a fast growing company like Bowking. We'll benefit dramatically by becoming a part of the prestigious Teda brand.

"We will continue to balance our growth prospect against what we pay. This is the second of a series of similar acquisition which is part of our current strategy and we are seeing the positive effects to the Group already, concluded Mr. Hui.