China Travel International Investment Hong Kong Ltd. (0308.HK) said it will become the first foreign travel agent with a wholly owned China business, Hong Kong Economic Times reported, citing company Managing Director Shen Zhu Ying.

The company, a unit of China's largest state-backed travel agency, is incorporated in Hong Kong and so is considered foreign.

The company's net income will exceed analysts' forecasts of about HK$350 million ($45 million), Apple Daily said, citing Shen. China Travel will earn more than HK$500 million, compared with a previous record of HK$499 million in 1997, the paper sa

China Travel Service (Holdings) Hong Kong Ltd., a recently acquired travel agency, will contribute guaranteed income of HK$180 million this year, the paper said.

(Eastday.com.cn 07/17/2001)