Banyan Tree has formed a new joint venture with Vanke, the Chinese real estate company.

Under the partnership the two companies have created Banyan Tree China (BTC) to take control of Banyan Tree’s assets in China. BTC will now be tasked with continuing the expansion of Singapore-based Banyan Tree’s brands in the country, and Vanke may also add its own hotels into the BTC portfolio in future.

BTC will initially be a 50-50 JV between Banyan Tree and Vanke, and Vanke will also take an approximate 5% equity stake in Banyan Tree itself. AccorHotels also recently took a stake in the luxury hotel group.

“We are excited to partner with Vanke, one of the largest real estate developers in China,” said Ho Kwon Ping, executive chairman of Banyan Tree. “As China’s economy matures, domestic and outbound tourism is set to boom, and many property developers are venturing into hospitality and tourism.

“China’s demography is also prompting serious interest in senior-living and active-ageing communities as part of a global trend towards wellness. This is an area which both Banyan Tree and Vanke have experience and interest, and together we can do a lot more in China and the rest of the world.”

Banyan Tree currently operates 15 hotels in China under two of its brands – Banyan Tree and Angsana.