Dengfeng Songshan Shaolin Cultural Tourism Group, which is wholly-owned by the Dengfeng government, and CTS subsidiary, China Travel International Investment Hong Kong Limited, have jointly set up a joint venture — CTS (Dengfeng) Songshan Shaolin Cultural Tourism Company.
The new company has a registered capital of CNY100 million, of which CTII owns 51% of the shares and Dengfeng owns 49%.
According to Bo Baohua, the chairman of the company, the JV will focus on develop three major areas. First, improving the management and service of Songshan Scenic Spot; second, making the annual growth for tourist numbers of the spot reach 20% by leveraging the advantages of CTS and cooperating with tourism enterprises in Henan province; third, making a three-year investment and development plan to create a tourism industrial chain and to make Songshan a multi-functional and comprehensive destination.
Dengfeng government and CTS state that their cooperation will adhere to the principles of "moderate development, rational utilization, and strengthening the protection of natural and human resources in the Songshan Scenic Spot".
It is reported that the JV is not involved with the famous Shaolin Temple.