According to the United Nations World Tourism Organization, cultural tourism is “movements of persons for essentially cultural motivations such as study tours, performing arts and cultural tours, travel to festivals and other cultural events, visits to sites and monuments, travel to study nature, folklore or art, and pilgrimages".

Tourism has become an essential contributor to China's domestic economy and it is a cornerstone of the government’s long-term goal to create a consumption-driven economy. The emergence of an affluent middle class and an easing of movement restrictions for locals and foreign visitors are both supporting this travel boom.

China’s 14th Five-Year Tourism Development Plan, issued by the State Council on 20 January 2022, envisions the industry to be bigger than ever, with different parts of China having different roles to play.

China's domestic tourism revenue is expected to reach RMB 3.81 trillion yuan (US$598 billion) in 2022, according to the president of the China Tourism Academy.

A total of 3.98 billion trips are expected to be made in 2022, nearly 70 percent of that in 2019. Two driving forces for the recovery of the tourism industry were the urbanites' demand for leisure and the rural residents' demand for sightseeing. Local leisure activities, short-term trips, self-guiding trips, family trips and cultural-experience trips will become new trends in 2022.

China is also the largest and most innovative e-commerce retail market in the world, and one of the key trends shaping the retail sector in China is the emergence of “new retail”, which delves into the increasing maturity of businesses in using data analytics and omni-channel technologies to create a seamless consumer journey between online and offline channels.

Against the backdrop of such macro trends, the Group is looking to harness the business opportunities with the development of the Mount Yuntai Tourist Township.

Mount Yuntai Integrated Tourist Township

Mount Yuntai Scenic Area

  • Approximately 69km northwest of Zhengzhou City, the provincial capital of Henan Province
  • Total area of 280km² comprising 11 scenic spots
  • Received 5.89 million domestic and international visitors in 2018
  • Among the first in China to be inaugurated as a UNESCO Global Geopark
  • Listed as a National Park of China in 1994
  • Highest "5A" National Tourist Attraction rating by the Ministry of Culture & Tourism

Strong Propsects for Tourism Ecosystem Development at Mount Yuntai Tourist Township

While it is a tourist site with an "AAAAA" rating under the Tourism Attraction Rating Categories of China, there have been limited developments (i.e hotels, resorts, malls, etc.) within the area to provide quality and diversified products and services to growing number of visitors.

Development Project

  • The Group has acquired a land size of approximately 270,500 sqm at Mount Yuntai Integrated Tourist Township, which is located at the entrance of Mount Yuntai Scenic Area.
  • The Group has plans to develop property projects that cater to the tourism and “new-retail” trends in this area.