Wanda Group's Beijing Wanda Tourism Investment Co Ltd held a press conference to announce the acquisition of China International Travel Service Shenzhen Co Ltd in Shenzhen on March 21.

The move marks Wanda's entry into South China's tourism market and its first acquisition of a large nationwide travel agency, as well as brings it a step closer to establishing a Wanda-style travel agency network.

China International Travel Service Shenzhen Co Ltd is among China's top 20 travel agencies with a turnover of 2.3 billion for 2013.