TEDA Travel Group today announced that it has completed the purchase of a 55% interest of Shanghai Bowking Hotel Management Co. Limited, a leading boutique hotel management company in China.  The deal was finalized on April 30, 2005.

Mr. Godfrey Hui, CEO of TEDA Travel Group stated, We're very pleased to have completed this deal in a relatively short amount of time. This speaks directly to the value Bowking management places in being part of TEDA Travel Group, and in our desire to have them join the Group."

The acquisition of Bowking adds seven high-end hotel properties to the company's property management portfolio, with impressive year-round occupancy rates near 100%.

Shanghai is currently undergoing one of the fastest economic expansions that the world has ever seen. As one of Asia's leading business cities, and as China's financial district, it was critical for the Group to have a presence in Shanghai.