PGA Tour signs deal to partner Chinese firm Shankai

Hong Li, co-founder and Chairwomen of Shankai Sports, speaks during a signing ceremony with PGA Tour to manage the operations of the China series for 20 years from 2018 at a hotel in Beijing Thursday, Dec. 7, 2017. Shankai, a Beijing-based firm, says its new venture is receiving a 300 million yuan ($45 million) investment from Yao Capital, a private equity firm co-founded by former Houston Rockets player Yao Ming, and U.S.-based IDG Capital. (AP Photo/Ng Han Guan)
Greg Gilligan, PGA Tour's Greater China managing director, speaks during a signing ceremony at a hotel in Beijing Thursday, Dec. 7, 2017. The PGA Tour has signed a deal to partner with Chinese firm Shankai Sports to manage the operations of its China series for 20 years from 2018. (AP Photo/Ng Han Guan)
Greg Gilligan, PGA Tour's Greater China managing director, second from left, shakes hands with Hong Li, co-founder and Chairwomen of Shankai Sports, during a signing ceremony to announce their joint partnership and management of the PGA Tour China series for 20 years from 2018 at a hotel in Beijing Thursday, Dec. 7, 2017. Shankai, a Beijing-based firm, says its new venture is receiving a 300 million yuan ($45 million) investment from Yao Capital, a private equity firm co-founded by former Houston Rockets player Yao Ming, and U.S.-based IDG Capital. (AP Photo/Ng Han Guan)
Greg Gilligan, right, PGA Tour's Greater China managing director, and Hong Li, second from right, co-founder and Chairwomen of Shankai Sports, attend a signing ceremony for their joint partnership and management of the PGA Tour China series for 20 years from 2018 at a hotel in Beijing Thursday, Dec. 7, 2017. Shankai, a Beijing-based firm, says its new venture is receiving a 300 million yuan ($45 million) investment from Yao Capital, a private equity firm co-founded by former Houston Rockets player Yao Ming, and U.S.-based IDG Capital. (AP Photo/Ng Han Guan)

BEIJING — The PGA Tour has signed a deal to partner with Chinese firm Shankai Sports to manage the operations of its China series for 20 years from 2018.

Shankai, a Beijing-based firm, says its new venture is receiving a 300 million yuan ($45 million) investment from Yao Capital, a private equity firm co-founded by former Houston Rockets player Yao Ming, and U.S.-based IDG Capital.

After a one-year hiatus, the PGA Tour China Series will resume next year.

The move comes as China has cracked down on golf in recent years, with authorities closing more than 100 courses in an effort to conserve water and land.

Greg Gilligan, PGA Tour's Greater China managing director, says the closures were related to code violations and that China is supportive of the sport.

Must Read

A look at China's foreign policy challenges

Aug 10, 2016

China's simmering feud with South Korea over deployment of an American missile defense system is the latest in a string of foreign policy challenges piling up on President Xi Jinping's desk as he prepares to host next month's annual summit of G20 nations

If Trump can't get along with GOP, how will he govern?

Aug 9, 2016

Beyond the political fallout from Donald Trump's rocky relationship with party elders lies a fundamental reality: Should he win the presidency, the brash billionaire will have to work closely with the same GOP leaders he vilified on the campaign trail

Trump on sidelines as Clinton fills Olympics airtime

Aug 9, 2016

Clinton is taking advantage of the millions of Americans tuned in to NBC to watch U.S. athletes rack up medals during the Olympics in Rio

People also read these

Hearing on Johnny Depp domestic violence allegations delayed

Aug 9, 2016

A judge is briefly delaying a restraining order hearing involving Johnny Depp and his estranged wife because it is expected to span several days; depositions of both actors set

If Trump can't get along with GOP, how will he govern?

Aug 9, 2016

Beyond the political fallout from Donald Trump's rocky relationship with party elders lies a fundamental reality: Should he win the presidency, the brash billionaire will have to work closely with the same GOP leaders he vilified on the campaign trail

Valeant's rosy forecast and promised changes, fire up shares

Aug 9, 2016

Drugmaker Valeant posts big 2Q loss, but execs tout turn-around plan and reassured investors drive up shares

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH