TEDA Travel Group has announced today that its acquisition of a 55% share in Teda Resort Alliance Development Company (TRAC) has been approved by the Commerce and Industry Department of the Tianjin Government. The Acquisition agreement was entered into in August of 2004.

Established in 1999, TRAC provides timeshare services for customers in China, and is the largest partner of RCI, a Cendant Corporation, which is the largest and most prominent timeshare operator in the world. By the end of 2004, TRAC had established a customer base of over 3,600 members and its revenues had risen to $1.8 million. To date TRAC has more than 4,000 members and has been growing rapidly due to its extensive selection of desirable hotels and resorts. TRAC has also established an extensive network of exclusive sales agents throughout China, and is currently the largest timeshare company in China with more than a 70% market share.

TEDA Travel Group CEO, Mr. Godfrey Hui said, We are pleased we were granted approval to complete this acquisition. TRAC significantly strengthens out overall product offering, and completes an important milestone to reaching our goal of becoming a leading travel operator in China.