A crucial reason behind Ctrip’s project is the booming overseas tourism market.

Last year, the number of Chinese outbound tourists hit 114 million, according to the China Tourism Academy. In the first half of this year, the number reached 61.9 million, an increase of 16 percent compared to the same period in 2014.

“The outbound tourism market is part of the decision to set up the Xieling fund, but it is not the only reason,” Dai Bin, head of the China Tourism Academy, said. “As an online travel agency, Ctrip intends to extend its brand through investing in overseas hotels.”

This trend to go global was started by Chinese insurance companies looking for blue chip investments. At the start of the year, Anbang Insurance purchased a trophy asset in the Waldorf Astoria Hotel in New York from Hilton Worldwide Holdings Inc.

The deal was officially closed in February with the Hilton group staying in charge of the day-to-day operations.

“Hilton will operate the hotel, the linchpin of its portfolio, for the next 100 years,” said Christopher Nassetta, president and CEO of Hilton Worldwide.