Gokurakuyu Plans To Open Its 1st Chinese Spa in '11

Gokurakuyu Co., an operator of large-scale hot bath facilities, plans to open its first Chinese spa facility by the end of March in 2011 under a tie-up with a Hong Kong asset management company, according to Nikkei. CITIC International Assets Management Ltd., or CIAM, on Monday, acquired a 4.2% stake in Gokurakuyu from investment firm MBK Co., which had owned an 8.4% interest before the deal. The three will set up a joint venture as early as January in Hong Kong, with Gokurakuyu holding 40% and the other two combined holding 40%. The joint venture will start raising funds and searching for suitable locations in China, which has seen a dramatic increase in spa openings. CIAM is a unit of the Chinese-government-affiliated financial services giant CITIC group.