BCD Travel has signed an agreement to take a majority ownership in itsChina and Hong Kong joint venture. The agreement gives BCD Travel controlling interest in a new Greater China market, one of the world’s fastest growing economic regions. The agreement includes BCD Travel China and BCD Travel Hong Kong.
“This investment is the result of careful, long-term planning,” said Greg O’Neil, BCD Travel’s president of Asia Pacific. “As the majority stakeholder in our Greater China venture with our trusted partner MF Jebsen, we look forward to enhancing our product and service offerings in this key market.”
The new BCD Travel Greater China will employ more than 470, operating from three offices in China and one in Hong Kong. With a population of 1.4 billion people and an average GDP growth of 6.8% per year, Greater China represents significant opportunity for growth for the company in the Asia-Pacific region.
“Our majority ownership of Greater China demonstrates our aggressive acquisition strategy,” said John Snyder, president and CEO of BCD Travel. “We’re growing in markets where demand for corporate travel services is increasing and where our clients want us to be. Greater China opens up new business opportunities for us in one of the world’s largest markets.”