DMCs & PCOs

CYTS Raises Funds For Budget Hotel Service
12/9/2006
China Youth Travel Service announced that it will issue about 65 million A shares in order to raise funds for developing its budget hotel service.
Zhong Qing Chuang Yi Investment Limited Company, a subsidiary of CYTS, will purchase at least 20% of those shares in cash.
According to the company's announcement, the capital to be collected this time will be invested into three projects. The first is a budget hotel service that may need RMB415 million. CYTS Shanshui Hotel will launch its budget hotels in the Pearl River Delta region and area surrounding the Bohai Sea. The company is planning to open 20 hotels in 3 years.
The second project is to expand CYTS' travel service, and that may involve RMB68 million, including RMB18 million for exhibition travel and RMB50 million for a travel wholesale system. The third is to use RMB35 million to buy travel buses.