Merger forms tourism group
20 April 2004
China Beijing Quanjude Group and Beijing New Yansha Group merged to form Beijing Tourism Group. The group will manage Quanjude and New Yansha's combined US$140.9 million in equity. Quanjude operates a chain of Peking duck restaurants and New Yansha owns the Beijing Lufthansa Center. Beijing Tourism and its two subsidiaries are all state owned with total assets valued at more than US$1.8 billion.