China / Business

China to take on global cruise giants

(Xinhua) Updated: 2015-08-22 14:34

SANYA - China is looking to secure a stake in the country's $8 billion cruise industry with a joint venture between two State firms.

China Communications Construction Co, and CTS (HK) Group Corp, announced Friday that they will work together to offer cruises from the southern resort of Sanya.

The joint venture will build its fleet through merger, acquisition and other cooperative agreements. A maiden voyage from Sanya to Xisha Islands is expected sometime this year.

The expected cruise itineraries will differ from those offered by existing global cruise giants operating in China, with the aim to establish Sanya's Phoenix Island as one of the world's largest cruise ports.

The number of people taking cruises in China has grown at an annual rate of 34 percent over the past decade and is expected to hit 4.5 million annually by 2020.

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