The Industrial and Commercial Bank of China will provide a USD 86.7 million loan to online travel giant Trip.com Group; RevPAR of Hyatt hotels declined 90% last month in China.
Air France-KLM warned of a €150-million to €200-million hit to earnings by April; Asia Pacific airlines could lose $27.8 billion due to outbreak.
China may see losses of USD 430 billion by the coronavirus disruption on travel for 2020; It plans cash injections and mergers to bail out aviation.
Malaysia looks to locals and non-Chinese visitors in fulfilling tourist-arrivals target; China plans to take over indebted conglomerate HNA Group and sell off its core airline assets.
Even if the coronavirus outbreak ends quickly, the disruption in the supply chain will affect trade, tourism and confidence.
ICAO forecast a decline in global traffic of 16.4 million passengers, the hotel industry could end up having to deal with the virus impact for the next 12 months.
Singapore expects visitor arrivals to drop 25%-30% this year due to the virus, OYO has brought in 8,500 more rooms in China, and more for the day.
The toll on travel and hospitality could be worse than during the SARS epidemic when Chinese travelers were a smaller group than they are today.
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