BEIJING, March 20 (Xinhua) -- Caissa Touristic (000796.SZ) announced Thursday that its wholly-owned subsidiary Caissa Tosun Development Co. Ltd. has acquired 40 percent equities of Jiabao Runcheng Duty-Free Co. Ltd., an operator of a duty-free shop in downtown Beijing.
Jiabao Runcheng, a corporate entity 100 percent owned by China National Service Corporation for Chinese Personnel Working Abroad (CNSC), operates the only one duty-free shop for Chinese customers in downtown Beijing. According to the statement released Thursday, Caissa Tosun acquired the equities through competitive bidding for the company's capital increase which will be used for relocating and upgrading its shop in downtown Beijing.
Caissa Touristic, a well-known brand in China outbound tourism industry, stated that the downtown Beijing-based shop, which will be flagship duty-free shop of CNSC after this upgrading, is the third duty-free shop it has acquired after those in north China's Tianjin and east China's Jiangsu Province.
The new deal will help Caissa further extend its investment in duty-free business into Beijing, which is believed to be of brighter market prospect, and consolidate and develop tourism resource in the capital city of China, said the company, adding that it is predicted to produce positive effect on its long-term development and economic efficiency. (Edited by Gao Jingyan, gaojingyan@xinhua.org)
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