British travel agent Thomas Cook said on Monday it had agreed to set up a joint venture with Fosun International Ltd to develop domestic, inbound and outbound tourism activities for the Chinese market under Thomas Cook brands.

The joint venture will be 51 percent owned by Fosun and 49 percent by Thomas Cook.

The companies will make a combined cash contribution to the joint venture of 1.6 million pounds ($2.5 million) to support the initial start-up phase, of which Thomas Cook will contribute about half.