China Travel International Investment Hong Kong says it is in talks with the local government concerned to acquire a key tourist spot near Suzhou.
The net profit of the tourism conglomerate, which has interests ranging from travel agencies and tourist attractions to hotels and resorts in Hong Kong and the mainland, rose 348 per cent year on year to HK$695 million in 2011.
The net profit of its core business jumped 224 per cent to HK$577 million.
Despite the stellar growth, the company maintains a modest outlook for this year in anticipation of a possible slowdown in the mainland economy.
'We seek a modest growth for 2012, given the high base last year,' said Jeremy Xu, executive director and general manager of China Travel.
The company did not acquire any new tourist hot spots last year after taking over Shaolin Xi, the temple where Chinese martial arts are said to have originated, as China Travel is still in the process of identifying other profitable targets.