THE new chief of China Travel Service (Holdings) Hong Kong has set an ambitious long-term plan to expand its assets to $100 billion from the present total of about $20 billion. Zhu Yuening said the group would expand its core business from travel and hotel-related businesses to more infrastructure and industrial investments. 'Our target is to expand the group into a conglomerate, and we will consider spinning off part of the mature business and seek individual listing on stock markets,' Mr Zhu said. CTS listed its subsidiary, China Travel International Investment (CTII), on the Hong Kong stock exchange in 1992 and has a stake in some listed companies, such as the Shenzhen-listed Konka Electronics Holdings. He said the group had assets exceeding $20 billion, but certain assets had not yet been taken into the account, including some projects in Shenzhen and hotels throughout the country. CTS executive director responsible for the hotel sector Qiu Yiyong said most of the group's hotels had not yet appraised their values. Mr Qiu said CTS was now involved in about 20 hotels, including a few under construction and to be completed this year. The five-star Nanjing International Hotel, with 600 rooms, would be completed by the end of this year. CTS has a 20 per cent stake in this $700 million project. Mr Zhu said the group would look for more investment opportunities, from hotel to industrial projects. 'We are studying a petrochemical factory in Gansu,' he said.