(Yicai Global) Feb. 26 -- Chinese travel agency Utour Group plans to cooperate with China Duty Free Group, the country's only authorized tax-free retailer, to establish overseas stores targeting Chinese tourists.

Utour has already penned a cooperation framework agreement with CDF but more details will be negotiated later, the Beijing-based tour operator said in a statement yesterday.

Chinese outbound tourism has rapidly increased in the past few years amid rising incomes and interest in buying overseas products. Beijing-headquartered CDF has more than 1,000 global brands in its selection.

The travel firm will select store locations and attract clients while leveraging the state-owned tax-free group's brand and management capabilities, it added.

Shares of Utour [SHE:002707] climbed 1.05 percent to CNY5.79 (US 82 cents) this afternoon.

Editor: Emmi Laine