Zhouzhuang Tourism Co Ltd announced yesterday it plans to list shares on the domestic stock market as early as next year to raise funds for further development of the ancient water town.
Capital raised will be used to develop new scenic spots as well as protect the town's unique flavor, according to the tourism operator.
The company also said it plans to invest 320 million yuan (US$38.55 million) to develop a 335,500-square-meter theme park to attract more tourists, the Oriental Morning Post reported, citing the company's general manager, Ren Yongdong.
The construction is likely to be finished by the end of next year, Ren was quoted as saying.
Located in Kunshan County in Jiangsu Province, Zhouzhuang is known as China's No. 1 water town and is famous for its ancient residences.
More than 60 percent of its houses were built during the Ming Dynasty (1368-1644) and Qing Dynasty (1644-1911).
The water town also has 100 classic courtyards and over 60 carved brick archways.
The town received more than 2.6 million tourists from home and abroad last year, with a record high revenue of 550 million yuan, compared with 250 million yuan a year earlier.
The Kunshan tourism authority expects over 3 million visitors to visit the town in 2005, generating a tourism revenue of 1 billion yuan.
Established in 2001, Zhouzhuang Tourism Co deals in domestic tourism services, arts and crafts, and food manufacturing.