China’s Wanda Group recently announced its partnership with Korea’s E-Land Group, agreeing to set up a joint travel venture. Wanda Group is the largest Chinese property company. E-Land Group is a Korean conglomerate taking part in fashion and retail businesses.
Wang Jianlin, Chairman of Wanda Group, agreed with E-Land Group Vice Chairman Park Sung-kyung last year to invest in four areas in Korea and set up joint projects with E-Land. According to E-Land, out of the four areas, tourism has come first.
E-Land is to launch the 50-50 joint venture with Wanda Tourism of China, according to the agreement. E-Land said the venture will focus on quality tourism program in Korea as the cheap, low-quality tour packages have damaged Korea’s image among Chinese visitors.
As E-Land’s first leisure business with Wanda, the joint project will not only provide tourism programs but also focus on Korea’s cultural attractions. The quality tourism program aims to attract more Chinese VIP customers. Wanda plans to send 1 million Chinese tourists to Korea each year.