Home > > Meituan-invested hotel group drops IPO plan; OTA data rise after China expands visa-free travel | Daily Brief

Meituan-invested hotel group drops IPO plan; OTA data rise after China expands visa-free travel | Daily Brief

11/27/2023| 5:19:20 PM| ChinaTravelNews

South Korea doubles ceiling of tax refund; Malaysia implements 30-day visa-free to China.

Trip.com sees increase in visits after China expands visa-free travel to 6 countries 

The expansion of China's unilateral visa-free policy to six countries last week is expected to facilitate more accessible travel and promote closer ties between China and the world. Trip.com Group's latest data shows that the Chinese inbound tourism market has accelerated. 

In the first ten months of 2023, Trip.com already saw four-digit growth in visitor numbers when compared with the same period in 2022. This equates to more than 60% of pre-pandemic levels. Data further shows that Malaysia and Germany are among the top 10 sources of inbound tourism over the same period. Shortly after China's new policy was announced, pageviews on flights from Malaysia to China jumped by 48.69% on 24 November, compared to the same day a week ago. 

Trip.com Group counts on AI for efficacy of digital assets

James Liang, Executive Chairman of Trip.com Group, has stated that the group is focused on working out a uniform artificial intelligence (AI) adoption strategy across all markets. Continuous iterations of the group’s digital assets, including its powerful mobile app, are being driven by AI. Areas that AI is standing out is trip planning and content marketing.

Malaysia to implement 30-day visa-free policy for visitors from China, India

Visitors to Malaysia from China will be granted 30-day visa-free entry from 1 December under a plan announced by Malaysian Prime Minister Anwar Ibrahim. The new visa policy follows the Chinese Embassy's recent announcement that Malaysian visitors to China would be granted 15-day visa-free entry for the next 12 months from 1 December.

H World revenue rises more than 50% in Q3, beating previous expectation    

Chinese hotel giant H World said its revenue increased 53.6% year-over-year to RMB 6.3 billion (USD 861 million) in the third quarter of 2023, surpassing the revenue guidance previously announced of a 43% to 47% increase compared to the third quarter of 2022. The hotel operator projects revenue growth to be 41%-45%.  

Meituan-invested hotel group Dossen drops IPO plan (in Chinese)

Dossen International, a Meituan-invested hotel chain in China, has terminated its IPO plan, according to information on the Shenzhen Stock Exchange website. The company in which Meituan owns a 20% stake as the second-biggest shareholder originally planned to raise RMB 880 million (USD 123 million). As of the end of 2022, Dossen was the 5th largest hotel group in China in terms of hotel rooms.  

Chinese tourists return with an eye on budget, safety

In the first half of 2023, the number of outbound tourists from mainland China reached 40.3 million, according to official statistics. That figure is expected to have grown further in the latter half of the year. But with the Chinese economy struggling to recover fully from the pandemic, depleted household savings from a worsening real estate crisis and 20% youth unemployment eating into family budgets, Chinese tourists are becoming a lot more cost-conscious. A survey from London earlier this month found that the number of Chinese tourists to the UK capital was just 2% shy of the 2019 figure. But their spending was down by 58%, according to the New West End Company. 

Thailand looks to Chinese influencers as tourism from China lags

Despite launching a visa-free program to lure Chinese tourists, the Tourism Authority of Thailand (TAT) has reduced its target to 3.5 million visitors from China. It has now employed Influencers from China to help bolster tourism numbers. Chattan Kunjara Na Ayudhya, a deputy governor, announced at a press conference in Bangkok that the Tourism Authority of Thailand will welcome producers on ByteDance’s Douyin platform to create travel content and invite media and travel agencies to tour the nation to attract prospective visitors.

Chongqing airport extends global reach to more cities like Sydney, Paris and Kathmandu 

Eager globetrotters are in for a treat as Chongqing Jiangbei International Airport announced to open and resume global adventure. Soon, the skies will connect Chongqing to iconic destinations like Sydney, Paris, and Kathmandu, heralding an increase in global flight operations. Chinese and international carriers including Tianjin Airlines, Hainan Airlines and Himalayan Airlines will launch or resume more direct flights connecting the Chongqing city to global destinations like Sydney, Paris and more.

South Korea to double ceiling of immediate tax refund for foreign tourists

South Korea will double the maximum limit of purchases eligible for an immediate tax refund by foreign tourists to 5 million won (US$3,831) next year to attract overseas visitors and bolster the tourism industry, the finance ministry said Monday. 

TAGS: Dossen International | H World | IPO | Meituan | Daily Brief
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