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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's Shaolin monks plan deal with travel co. By ELAINE KURTENBACH,Associated Press Business Writer - Friday, December 18 Send IM Story Print SHANGHAI – The famed fighting monks of China's Shaolin Temple next plan to tackle modern finance. The local government entity in charge of managing the 1,500-year-old Buddhist temple's tourism-related assets has agreed to cooperate with China Travel Service, a spokeswoman for the state-owned company said. News reports said the venture would seek to raise up to 1 billion yuan ($146.4 million) by listing shares on either a mainland or Hong Kong index. The Dongfeng government in central Henan province where the temple is located confirmed it was negotiating with China Travel Service on tourism cooperation but denied reports of a stock offering. "We are against being listed and this attitude will never change," Qian Daliang, head of the intellectual property and intangible assets management center of Shaolin Temple, told the state-run Xinhua News Agency. China Travel Service (Holdings) Ltd., based in Hong Kong, did not comment on the report of a possible listing. It would issue an announcement later, said the company's spokeswoman, who gave only her surname, Zhang. Shaolin, its monks and their distinctive form of kung fu have developed into a lucrative business enterprise, raising controversy among some who disapprove of the commercialism of the temple's business-savvy abbot, Shi Yongxin. Since taking over as abbot in the 1990s, Shi has moved aggressively to promote and protect the Shaolin brand, threatening to sue companies that use the temple's name or image without permission and serving as executive producer for martial arts films centered on the temple. He also has sought to upgrade temple facilities _ installing lavish visitor restrooms equipped with uniformed cleaners and TVs that brought still more criticism. The Shanghai-based newspaper Oriental Morning Post and other reports said the temple itself was not part of the negotiations between Dengfeng and China Travel Service. That deal calls for China Travel Service to invest 100 million yuan ($14.6 million) for a 51 percent stake in a venture under the Shaolin brand name that will handle sale of admission tickets, operate its cable car, cinemas, hotels and tourist bus services in Dengfeng, the state-run newspaper China Daily reported. ___ Associated Press researcher Ji Chen contributed to this report. Recommend Send IM Story Print Related Articles Budget Travel magazine sold to investment firm, AP - 2 hours 16 minutes ago Ariz. jobless rate dips to 8.9 percent in November AP - 2 hours 16 minutes ago Privacy watchdog files complaint against Facebook AP - 2 hours 20 minutes ago Minn. jobless rate drops to 7.4 pct in November AP - 2 hours 24 minutes ago Mass. unemployment rate shows slight improvement AP - 2 hours 27 minutes ago News Search Top Stories BA wins court battle to stop Christmas strikes US jobless claims rise for second week Strikes put new pressure on Greek government Court set to rule on BA Christmas strike Asians, Africans 'left out of stem cell research' More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Tiger's wife Elin seeking divorce: reports Century-old butter found in Scott's Antarctic hut Asians, Africans 'left out of stem cell research' Boeing's Dreamliner in maiden flight Earliest proven case of leprosy found in Israel More Most Viewed » Global stocks mixed amid Dubai debt crisis Tiger's wife Elin seeking divorce: reports Tiny magnetic discs could kill cancer cells: study Virgin unveils spaceship to offer space tourism Tiger Woods' girlfriend apologizes in TV interview More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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