A subsidiary of the Travel Distribution Services (TDS) Division of Cendant Corporation today announced that it has signed an agreement to form a joint venture with China CYTS Tours Holding Co., Ltd (CYTS), one of the top-three travel agencies in China. The joint venture, whose corporate name will be CYTS-Cendant Travel Service Co. Ltd, has the goal of creating an electronic travel services company.

As part of the joint venture, Cendant TDS will be contributing the assets of its subsidiary, Beijing-based Si Hai Tong Jie Reservation Service Co., Ltd ("SHTJ"), a leading hotel consolidator and online booking engine, acquired by the Company in June 2004.

Cendant TDS will maintain a 40 percent interest in the joint venture, with the ability to increase that share in the future.

"This joint venture with CYTS, one of the innovators in the China-based travel market, gives Cendant the opportunity to become a key player in China's growing travel industry," said Sam Katz, chairman and chief executive officer of Cendant's Travel Distribution Services Division. "This strategic partnership allows us to accelerate our online international expansion in a region with vast, and virtually untapped, potential."