On the morning of November 19, the Haitang Bay Management Committee in Sanya officially signed a strategic cooperative frame agreement with CITS Group Corporation about the project of Hainan International Duty-Free City. According to the agreement, RMB5, 000,000,000 will be invested in Haitang Bay to construct a Hainan International Duty-Free City covering an area of more than 700 acres.
 
The Hainan International Duty-Free City, with tax exemption as the theme and in combination with entertainment, leisure and shopping, is an integrated tourism project including hotels, business, etc. under the background that Sanya is actively promoting the construction of International Tourism Destination. This project makes full use of the policy advantages in Hainan Province and tourism resource advantages in Sanya, combines the resource advantages and duty-free franchise of CITS Group Corporation and the comprehensive strength of tourism operators and creates a diversified, elegant, fashionable and low-carbon tourism city to make Sanya become the top integrated destination in shopping, leisure and tourism in Hainan Province, in China and even in the world and jointly promote the development of tourism industry in Sanya City and Hainan Province.
 
It is reported that as the key project of Hainan International Tourism Destination, duty-free shops subordinate to CITS Group Corporation have been completed, decorated and officially opened.
 
Relevant leaders in Sanya City said that the corporation between the Haitang Bay Management Committee and CITS Group Corporation would definitely promote Sanya to create an international business system.
 
The CITS Group Corporation is the only one specialized in tourism among the 122 central enterprises supervised by the State-Owned Assets Supervision and Administration Commission of the State Council. It is in the leading position in terms of travel service and duty-free products sale; in addition it has the first brand in tourism industry in China. The China Duty Free Company affiliated to the CITS Group Corporation is the only stated-owned franchisee in China authorized by the State Council to deal with duty-free business nationwide. It is the leading enterprise in China’s duty-free trade.