Cendant signed a strategic agreement with Hainan Airlines this week to jointly explore travel-related real estate and leisure holiday businesses in China.

Local media also report that Cendant's subsidiary RCI signed an agreement with Hainan Airline Hotel Group to develop time-share holiday products for the Chinese market.

Cendant owns more than 60000 holiday industry network resources across the world. Its affiliate RCI owns over 3700 holiday resorts in more than 100 countries.

Hainan Airlines' vice president Wang Jian says his company expects the cooperation with Cendant to provide more travel channels for both companies.