CHINA Travel International Investment (CTI) is organising a $600 million syndicated bank loan, part of which will be used to buy the World Miniature Co tourist attraction in Shenzhen. CTI deputy general manager Min Shi said the remainder of the loan, reported to have been organised by a Japanese bank, would be used for the company's operating costs next year. He said part of the loan would go towards buying the World Miniature's Window of the World theme park. He said the company was able to meet some of the purchase price from internal reserves. The acquisition would be made under the terms of a purchase option agreement reached by CTI and China Travel Service (Hong Kong) in October 1992. Independent shareholders at CTI's extraordinary general meeting yesterday approved the acquisition of a 51 per cent stake of the World Miniature Co for about $424 million. Mr Min said the expected turnover of the theme park this year would be about 450 million yuan (about HK$418.5 million), and the profits were expected to exceed 100 million yuan. According to CTI, the park had notched up a turnover of about 460 million yuan since its opening a year ago until April 27 this year. The park contributed a net profit of 137 million yuan so far, he said. Mr Min said the acquisition of the theme park would enable the group to better co-ordinate the other two tourist parks - China Folk Culture Village and Splendid China - it owned in Shenzhen. He said that since the opening of the Window of the World last year, the number of visitors to the three parks had increased, with each park aiming to attract different categories of visitors. The China Folk Culture Village and Splendid China aimed at attracting tourists from South Korea, Southeast Asia and Hong Kong and the Window of the World, mainland visitors. 'Because mainland people do not have much chance to visit overseas countries, this theme park, which features miniatures of the world, is an attraction to them,' Mr Min said. He said the five-day working week policy encouraged people to visit Window of the World. On weekends the park had between 30 and 40 per cent more visitors than on weekdays. CTI chairman Zhu Yuening said all in China had the chance to visit the parks because of the new two-day weekend. 'The park will be under constant renovation to attract more visitors,' he said. Mr Min said the group's transportation business was affected by the national austerity policy. This was reflected in a 19 per cent drop in net profit to $82.6 million from $101.6 million for the six months to June 30 compared with that a year ago. The group is working on other investment opportunities, such as strengthening its transport services operations.