(Yicai) Oct. 16 -- Global hospitality giant Hyatt Hotels and property developer China Resources Land have set up a joint venture to accelerate the expansion of the hotel brand's portfolio across China.

The JV, which was named Yuen Kai Holdings, will develop and manage hotels, including six existing Mumian hotels in Beijing, Chengdu, Hangzhou, Rizhao, and Shenzhen and two new ones in Shanghai and Shaoxing, the two companies announced today.

Moreover, Hyatt and CR Land will jointly build more Hyatt-branded hotels and cooperate on other key projects, such as Park Hyatt Xi'an and Andaz Dongguan.

"We are excited about the collaboration between Hyatt and CR Land, as it represents a significant advancement in our dedication to the Chinese market," said David Udell, group president for Asia Pacific at Hyatt. "Our growth is built on strong alliances with like-minded businesses, and CR Land's local expertise perfectly aligns with our vision."

"We are interested in building long-term, fruitful relationships with our owners that showcase a desire to grow together," said Stephen Ho, president of growth and operations for Asia Pacific at Hyatt. "This collaboration will help us continue our commitment to expand in China through asset-light growth and lean into caring for the high-end traveler as a differentiator to our competition."

"Our JV with Hyatt marks an exciting new chapter for CR Land," said Zhang Dawei, vice chairman and chief product officer at the property developer. "We are confident that Hyatt's expertise in the hotel industry and globally renowned brand reputation will unlock unprecedented business growth opportunities and enhance our service capabilities."

Founded in 2003, Mumian Hotel is a hotel brand owned by CR Land responsible for the construction and operation of residential properties, shopping malls, space operations, and hotels.

Hyatt entered the Chinese market more than 50 years ago. It had over 165 hotels in China as of June 30.

Editor: Futura Costaglione