China World Trade Corporation's subsidiary Guangdong New Generation Commercial Management Co., Ltd has entered into an agreement to acquire Guangdong Hao Shi Guang Travel Agency Limited from Guangdong Rising Hotel Group Co., Ltd.

Under the agreement, New Generation will obtain a majority stake of up to 70% of Hao Shi Guang through a capital injection. The cooperation will also include a joint development of an interactive hotel booking system connecting Guangdong Rising Group hotel chains and integrating them into New Generation's current travel booking enterprise system which will further enhance its travel offerings to New Generation's customers.

"We are excited and confident that our cooperation with CWTC's travel subsidiary, New Generation will lead to future success in the continued development of our travel business in Southern China," said Mr. Bangfu He, President of Guangdong Rising Group, "The Guangdong Rising Group runs a wide range of travel related services including hotel bookings, group travel services and ground transportation arrangements. This strategic acquisition will allow us to capture more of Southern China's travel market share by offering a broader range of services to our customers."

William Tsang, President of CWTC commented, "As China becomes a member of the World Trade Organization, the Chinese economy will be further boosted by the frequent business commuters between China and the rest of the world. Our goal is to develop a comprehensive business services and travel platform to offer the necessary resources to our corporate clients and members so that they experience seamless business and travel while in China. The cooperation with Guangdong Rising Group is synergistic to the travel segment of our business because it allows us to further penetrate the corporate and individual travel market by diversifying our services through premier channels."