China’s Dalian Wanda Group has confirmed it will make a sizable investment in online travel company Ly.com as it looks to increase its influence in China’s booming travel market.
Dalian Wanda will invest 3.58 billion yuan in the travel firm, valuing it at about 13 billion yuan.
Ly.com is China’s third largest online travel company based on current revenues and posted growth of 29.2% in the first quarter of 2015.
Ly.com has an estimated 5.2% share of the China market, compared to dominant player Ctrip’s more than 50%.
Ly.com’s online client base will help increase visitor numbers to Wanda’s theme parks and tourist attractions in China, which include ski resorts and water parks,.
Wanda chairman Wang Jianlin also said the company plans to develop several more major tourism projects over the next five years.
