With members of the State Asset Commission in attendance, China Merchants Group and Hong Kong China Travel Group held a landmark signing ceremony at the end of last week at the Beijing Diaoyutai Hotel. China Merchants Group transferred all related assets, businesses, qualifications and staff of its China Merchants Bureau Travel Corporation to Hong Kong China Travel Group.

According to Mr. Wang Xiaoqi, director of the State Asset Commission Planning Bureau, the successful cooperation between the two parties has provided valuable experience for implementing the State Asset Commission's policy for pushing forward the reform of state-owned enterprises. However, details such as how to run the part of service transferred by China Merchants Group and whether the name will be changed have not been disclosed.

Hong Kong China Travel Group was founded in Hong Kong in April 1928. It is one of the four major Chinese-funded enterprises specializing in tourism industry and the largest travel agency in Hong Kong. It has 40 branches in Hong Kong and 21 offices in 14 overseas countries.

China Merchants Group Travel Management Corporation was set up in January 1987. It is mainly engaged in travel, air transportation, office building and property management. It boasts a total asset of more than RMB300 million and has branches in Japan, UK and Hong Kong.