According to Yonhap News,

(SEOUL=Yonhap News) E-Land announced February 14 that it agreed to establish a tourism joint venture with Wanda Group, the largest real estate and distribution company in China.

E-Land Vice Chairwoman Park Sung-kyung and Wanda Group Chairman Wang Jianlin signed an agreement to launch a tourism joint venture on February 5 at the headquarters of Wanda Group in Beijing, China.

The board of the 50-50 joint venture will comprise half and half members from the two companies, but E-Land will hold the management rights.

The venture, which will be established in Korea by the end of March, will be responsible for all the tourism-related projects in Korea carried out by Wanda Group.

Along with their investment in travelling, the two companies plan to invest in developing tourism contents and promoting relevant industries.

Wanda Group, which acquired 13 large-scale travel agencies in China, aims to send 1 million Chinese tourists annually to Korea.

ohyes@yna.co.kr

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