Shaolin firm may seek listing

0 CommentsPrint E-mail China Daily, December 17, 2009
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A holding company that will manage the tourism-related assets of the Shaolin Temple is likely to seek public funds for expansion before 2011, the Shanghai-based Oriental Morning Post reported yesterday, without specifying where the firm would be listed.

The Dengfeng city government in Henan province, where the temple is located, recently signed a framework agreement with China Travel Service (HK) Ltd to invest 100 million yuan to establish the company under the Shaolin brand name, the newspaper said.

The planned venture is likely to raise 800 million to 1 billion yuan through various financing channels, including a public float before 2011, the newspaper reported.

The holding company will regulate the sale of admission tickets at the temple and also operate its cable car railway, movie theaters, hotels and tourist buses, according to the agreement.

The Hong Kong travel company will take a 51 percent stake in the venture while the Dengfeng government will own the rest, the paper said.

The temple itself was not involved in the negotiation process, the Oriental Morning Post reported, confirming the company plans from Dengfeng government officials.

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