Zhejiang New Century Hotel Management, a Hong Kong-listed firm backed by Trip.com Group (Ctrip) and GreenTree Hospitality, announced that it has established Hangzhou Kaiba Kaiba Commercial Management, being a joint venture management company with Hangzhou Yuanzhen Cultural Creativity, and Shanghai Yuanka Shiye.
The Company contributed RMB 2.55 million (which will be funded by internal resources), holding 51% equity interest in Kaiba Kaiba, Yuanzhen Culture and Shanghai Yuanka contributed RMB 1.7 million and RMB 0.75 million respectively, correspondingly holding 34% and 15% equity interest.
The major scope of services for Kaiba Kaiba is engaging in the "New Century Shengshi" commercial space and other non-residential hotel value-added extension business.
The joint venture for establishment of Kaiba Kaiba, taking the public space of the Company's hotels as a carrier, will promote all parties to create a first-class market space brand - "New Century Shengshi", operate and promote this independent IP, and expand to other hotel value-added extension business from the new retail business at the right time.
