Trip.com Group reportedly applies for second listing in Hong Kong
>> Tencent News reported on February 20 that Trip.com Group has applied for a second listing on the Hong Kong Stock Exchange before the Lunar Chinese New Year which started on February 12 this year. The Chinese online travel group has appointed China International Capital Corporation Limited (CICC), Goldman Sachs and JPMorgan Chase as sponsors, according to the report. Trip.com Group, as usual, said it has no comment on the report.
US could lose $15-30 billion a year if Chinese tourism, education spending falls
>> The U.S. could lose more than $1 trillion worth of production and long-term global competitiveness if it pursues a sharp separation with China, according to CNBC citing a report released by the U.S. Chamber of Commerce and Rhodium Group. According to the report, the U.S. will lose $15 billion to $30 billion a year in exported services trade if Chinese tourism and education spending falls to half of what it was prior to the coronavirus pandemic.
Accor further offloads 1.5% stake in Huazhu Group
>> Accor announced that it has completed the disposal of a 1.5% stake in Huazhu Group for €239 million. The French hotlier said the transaction allows Accor to "crystallize further value creation of the initial investment while simplifying its balance sheet". Accor said the two companies will continue to develop their successful partnership and growth dynamic initiated in January 2016.
Minor Hotels taps China's growing domestic tourism
>> Minor Hotels is planning an aggressive expansion in China to capture the growth of domestic tourism there, which is expected to record an all-time high. While people cannot travel abroad, resorts in China are reaping a windfall and are poised to gain more opportunities despite fierce competition. Minor Hotels has over 530 hotels in 56 countries, but only two hotels operating in mainland China targeting the upscale segment.
Why China’s airlines need to resume international flying
>> A recent OAG webinar hinted at a saturated Chinese domestic market with wafer-thin margins and explored why it’s important not to assess China’s airline market’s health on capacity alone. Traditionally China’s big airlines traditionally made the bulk of their revenue from international routes. But the Chinese government is still acting very conservatively.
Sands China revenue plummets in 2020 due to Macau travel restrictions
>> Sands China, the Macau-focused subsidiary of Las Vegas Sands, made a loss of $1.52bn last year, representing three-quarters of the parent company’s 2020 loss. While 2020 was a difficult year for the operator, chief executive Robert Goldstein expressed confidence that gaming in the region would recover strongly.
Sales in Hainan duty-free shops hit $231 million during holidays
>> The week-long Spring Festival holidays have triggered another shopping spree for the duty-free shops, as latest data from Hainan island, the "Hawaii" of southern China revealed the island's windfall profits over the past week. From February 11 to 17, the 7-day sales of outbound duty-free shops in Hainan exceeded 1.5 billion yuan ($231 million). Sales exceeded 280 million yuan on February 14. Star-rated hotels had the highest bookings during the time.
What does bankruptcy mean for HNA's dwindling empire?
>> Bankruptcy proceedings represent the latest step in the unraveling of HNA Group’s ambitious global expansion, which could lead to the divestment of more of its aviation holdings. The company still holds an extensive airline portfolio with at least 14 carriers in China and Hong Kong. Despite HNA’s contraction, China’s airline market remains fundamentally strong. If HNA’s restructuring does result in more consolidation or mergers—and less capacity—this could help decongest the post-COVID-19 industry landscape.