China's first tourism joint venture, the Guangzhou Hong Thai International Travel Service Agency, officially opened for business today in this capital of south China's Guangdong Province.

The company, with five million yuan in registered capital, was formed by the Guangzhilu International Travel Service Co. in Guangzhou and Hong Kong's Hong Thai Travel Service Agency with the Hong Kong partner holding 49 of the stake.

Operating with the Hong Thai's management style, the new company will serve both overseas and Chinese tourists for luxury travels in China.

China's National Tourism Administration gave the green light to two tourist joint ventures in Guangdong on October 21. The other agreement is between the China International Travel Agency and Hong Kong's Wing On Travel Service Co. to set up Wing On International Travel Service Co. Ltd. of Guangdong.

Hong Kong's Hong Thai, established in 1966, already has 36 subsidiaries in Hong Kong, Macao, Australia and Singapore with a total annual business turnover of two billion Hong Kong dollars.

Guangzhilu is among China's 10 top tourism companies, and has more than 20 subsidiaries in China.