Chinese conglomerate HNA says creditors filed petition for its bankruptcy
>> Embattled Chinese conglomerate HNA Group said some of its creditors have filed a court petition for its bankruptcy and reorganization after it failed to repay its debts on time. The group was once one of China’s most acquisitive companies but had the equivalent of roughly $76 billion in total short-term borrowings and long-term debt at the end of June 2019.
HNA co-founder's exclusion from panel raises doubts about his future
>> A key Communist Party-led committee at troubled Chinese conglomerate HNA Group left out the company founder Chen Feng from a list of members, raising doubts about his future at the group that’s now being managed by the state. Chen’s exit from the important decision-making body with powers similar to the company’s board is a sign that he’s losing control of the group, the South China Morning Post reported.
Annual travel-funding report: Chinese companies raise $5.6 billion, down 70%
>> Some 118,000 travel companies de-registered in 2020 – 15,000 in Q1, 38,000 in Q2, 33,000 in Q3 and 32,000 in Q4. The pace of de-registration was faster than the same period last year during Q2 to Q4, according to a financing report by China’s company information platform Qichacha. Over $77.3 billion was raised in the past decade. Quality services such as custom trips and outbound travel were among the most attractive targets for investors.
Universal Beijing Resort app shows off new rides, attractions
>> With construction on core areas completed and doors set to open in May, the release of the Universal Beijing Resort's app offers up more clues for theme park fans. The app gives details about each of the themed lands.
China rejects BN(O) passport as travel document
>> China will no longer recognize the British National Overseas BN(O) passports as valid travel documents and identity certificates starting Sunday, the day when the UK opened applications for BN(O) holders in Hong Kong for British citizenship. The Hong Kong goverment announced that airlines must ask passengers to show their Hong Kong passport or Hong Kong identity card as proof when flying to Hong Kong.
Former Skyscanner chief to chair Prince Harry’s Travalyst travel initiative
>> Prince Harry’s global sustainable travel and tourism initiative Travalyst has appointed former Skyscanner chief executive Bryan Dove as its chairman. Dove, who stepped down from the metasearch site last June, was a key travel sector partner in the founding of Travalyst. Booking.com, TripAdvisor, trip.com and Visa are also corporate backers of the project which was launched in Amsterdam in 2019.
Las Vegas Sands ready to invest another $10 billion in Macau
>> Las Vegas Sands and its Macau-subsidiary Sands China stand ready to invest another US$5 billion to US$10 billion into Macau should the government incorporate further capital expectations into its license retendering. LVS Chairman and CEO Rob Goldstein addressed a series of questions over the company’s future investment plans following recent rumors it may be considering selling off some of its Las Vegas assets.
China cuts lunar new year travel forecasts again
>> China's transport ministry is expecting a big fall in travel during the Lunar New Year period, threatening further cuts to gasoline and jet fuel demand. Passenger travel will see a "significant decrease" to a total of around 1.15 billion journeys, or a daily average of about 28.8 million during the 40-day chunyun (travel rush) period that starts January 28, down by 20% from 2020 and more than 60% lower than in 2019.
Local airports heighten virus prevention measures for upcoming holiday
>> Shanghai’s Pudong and Hongqiao airports have strengthened COVID-19 prevention measures for the Spring Festival travel rush that began on Thursday and will run through March 8. All people entering terminals at both airports must wear masks and receive infrared temperature checks. Arriving passengers from medium- and high-risk regions are subject to strict quarantine management, officials from the Shanghai Airport Authority said.
