OCT Group invests $312 million in Tongcheng Tourism
By cameron in Uncategorized
China theme park operator OCT Group is to invest $312 million in Tongcheng Tourism (LY.com) as part of a strategic cooperation deal between the two.
OCT Group becomes a strategic shareholder of Tongcheng Tourism and the plan is to leverage offline resources and online data for mutual benefit.
A spokesperson for OCT Group said that the alliance with Tongcheng will contribute to integrating quality resources and enhance the group’s development strategies of “Cultural + Tourism + Urbanization” and “Tourism + Internet + Finance”.
It will also open up new dimensions for optimizing the industrial chain and strengthening the cultural tourism industry.
In recent years, the OCT Group has scaled up its investment in comprehensive cultural tourism projects and now covers more than 50 cities in China.
In 2017, OCT secured its ranking among the top four global theme park groups for the fifth year and registered almost 43 million visitors.
Following the capital investment, the two parties will work together to develop the business landscape, integrate destination resources and upgrade user consumption.
Tongcheng Tourism will also continue to beef up investments in the cultural tourism sector.