(Yicai Global) Aug. 1 -- China National Travel Service Group, the country's sole state-owned tour operator, has inked a deal with the local government of Chengdu to invest CNY100 billion (USD14.6 billion) in the construction of major tourist sites in Sichuan's provincial capital.

The Beijing-based company has earmarked CNY3 billion for a duty-free complex in the city as well CNY15 billion for a scenic spot project in Tianfu district and CNY1 billion for a regional headquarters building, local newspaper Chengdu Daily reported.

Well-known for its panda reserves, Chengdu is a shopping and tourist hub in western China with easy access to other provincial attractions such as Jiuzhaigou national park and the giant Buddha statue at Leshan. Tourism brought in some CNY300 billion in revenue last year with a total of 210 million visitors, of which three million came from abroad. 

The two sides will cooperate in tourist destinations, hotels, travel agencies, tax-free businesses, tourism financing, real estate and transportation.

Tourism conglomerate National Travel Service Group owns companies and brands including China International Travel Service, China Travel Service and China Duty-Free Group.

Editor: William Clegg