Hutchison Whampoa and Beijing Enterprises Holdings have finally agreed to inject their hotel and tourism assets, mainly in the capital city, into a joint-venture company to capitalise on growth of the sectors. Known as Beijing Tourism Development, the joint venture's shareholders also include Proficient Investment and New Civic, wholly owned by mainland-based Beijing Capital Tourism. Hutchison said it would, through wholly owned Kingdom Development, inject its equity interest in The Great Wall Sheraton Hotel in return for 27.5 per cent stake in the joint venture. The Great Wall Sheraton in Beijing is 82 per cent indirectly owned by Doncaster International, which is jointly owned by Kingdom and Proficient. Beijing Enterprises will inject assets worth about HK$508 million, comprising its 50.5 per cent stake in Jian Guo Hotel joint venture and 75 per cent interest in two tourism-related businesses - Beijing Badaling Tourism Development and Beijing Long Qing Xia Development. The asset injection makes Beijing Enterprises the largest shareholder in the Beijing Tourism Development joint venture, holding 40 per cent. Mainland partner Beijing Capital Tourism, through New Civic and Proficient, owns 32.5 per cent of the venture. New Civic will inject its 75 per cent interest in San Francisco Holiday Inn Hotel. Beijing Enterprises executive vice-president Bai Jinrong had earlier said the joint venture was formed to capitalise on the anticipated tourism boom in Beijing during the 2008 Olympic Games. The venture may also issue shares in Hong Kong.