China's state-owned tourism giants merge

0 Comment(s)Print E-mail Xinhua, July 12, 2016
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China's state-asset watchdog said Monday the China International Travel Service (CITS) is no longer under its supervision as it has merged with another state-owned travel company.

China International Travel Service (CITS) [File photo]

China International Travel Service (CITS) [File photo]

Approved by the State Council, CITS is now a wholly-owned subsidiary of the China National Travel Service (HK), the State-owned Assets Supervision and Administration Commission (CSRC) said in a statement.

"The CITS is no longer under the CSRC's supervision," the statement said.

China National Travel Service (HK) Group is a leading travel group engaging in tourism, industrial investment, real estate development and logistics.

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