THE city government signed a comprehensive strategic cooperation agreement with China National Travel Service (HK) Group Corp. (CTSHK) on Thursday to transform Dapeng Peninsula into an international tourist destination, a major step forward in the development of the peninsula.

The travel agency would invest 2 to 3 billion yuan (US$293-439 million) to build tourist facilities in the Xiasha area in the first phase of the project, Friday's Daily Sunshine reported.

Dapeng Peninsula is in the east of Longgang District. The peninsula is surrounded in the northeast by Daya Bay. The coastline along Dapeng Peninsula was named one of the eight most scenic coasts in China by China's National Geographic magazine in 2005.

The two parties will complement each other's advantages and build the city into a world-recognized coastal tourist city, the Daily report said.

"CTSHK will tap the tourism resources of Dapeng Peninsula with a major investment," said Zhang Xuewu, CTSHK chairman, during Thursday's signing ceremony.

CTSHK is a State-owned conglomerate engaged in property development, logistics and travel services. Over the past few decades, a number of travel agencies, hotels, tourist spots and hot spring resorts under its management have emerged to become a brand name. It has controlling stakes in several large theme parks in Shenzhen including Splendid China,China Folk Culture Villages and Window of the World as well as Mangocity.com, an online travel service Web site based in Shenzhen.

Source:Shenzhen Daily