SHANGHAI, June 19 -- THE first Asia-Pacific tourism market exclusively for the luxury travel industry will open in Shanghai today.

Organized like a private club, the three-day Asia Luxury Travel Market, an invitation-only event, opens at the Shanghai Exhibition Center and brings together the world's top buyers and sellers of luxury travel.

About 300 exhibitors and 300 buyers will attend the show, said Reed Travel Exhibitions, the event organizer.

The ALTM is the new sister event to the International Luxury Travel Market staged every December in Cannes, France.

"There is no other region in the world with such an exciting growth potential for luxury travel than the Asia-Pacific," said Serge Dive, founder of ALTM.

China has at least 300,000 individuals with a net worth of more than US$5 million, according to a report by Rupert Hoogewerf. The World Trade Organization predicts that the current 35 million visitors a year from China will rise to at least 100 million by 2020.