China's tourism industry bounces back for summer vacation
Over the past two weeks, the number of tourist-based bookings for this summer vacation rose significantly on Ctrip, increasing by more than 9-fold from the previous two weeks, the newspaper said quoting a report from Ctrip.
According to the Civil Aviation Administration of China, between July 4 and 10, the number of passenger flights increased 12.1%t from the previous week, basically flat with the same period of last year. Air passenger flow recorded a 13.8% increase week-on-week.
Cathay Pacific to resume Dubai flights in October
Cathay Pacific will resume non-stop flights between Dubai and Hong Kong from October 2, operating three flights per week. The airline will provide travelers with direct access to Hong Kong in addition to seamless connections to onward destinations including the Philippines, Indonesia, Japan, and South Korea.
Disney Store shuts one of its two outlets in China's Mainland
Disney Store, a specialty franchise chain of US entertainment giant Walt Disney, has closed one of its two outlets in the Chinese mainland after the property lease ran out on the five-year-old store. A Disney insider told Yicai Global that the store’s closure was normal business practice. The premises, located in HKRI Taikoo Hui Shopping Centre in Shanghai’s Jingan district, will be leased to New York-based clothing brand Theory.
Airlines turn to non-travel revenue amid COVID
Chinese airlines have launched various innovative services to attract more consumers and add to their top lines as the domestic aviation sector continues to recover from the COVID-19 pandemic. It is less than half a year before the A380 aircraft model of China Southern Airlines is fully retired, and the airline has launched events to invite consumers to visit the aircraft. The carrier sells tickets through its official apps and live-streaming sessions, where Chinese consumers are increasingly enticed to spend money amid promotions.
Fantawild opens Xiamen Holiday Hotel in China
Fantawild Holdings, a leading one-stop solution provider in the theme park industry, recently held a grand opening ceremony for its latest property, Xiamen Fantawild Holiday Hotel. Fantawild has constructed many resorts in recent years, fusing Chinese culture with state-of-the-art technology. The firm has contributed to the boost of tourism in cities which include Shenyang, Tianjin, Wuhu, Zhengzhou and Zhuzhou, with these resorts featuring amusement parks, premium hotels, franchised F&B outlets, retail, entertainment and enterprise facilities.
China’s hotel investment in 1H 2022 down by 43.8% year-on-year
JLL reported that China’s hotel transaction volume in the first half of 2022 decreased by 43.8% year-on-year, with many hotel transaction activities likely delayed to the fourth quarter of 2022 or the first quarter of 2023. JLL expects the combined impact of China’s “Three Red Lines” and “zero-Covid” policies to result in further price reductions of hotel assets and forecasts China’s hotel transaction volume to total approximately $2 billion in 2022.
KKday bumps its Series C to $95 million as travel resumes
Taiwan-based travel platform KKday announced that it has secured USD 20 million in series C+ funding led by TGVest Capital, bringing its total Series C funding to USD 95 million. The startup says that in June 2022, its gross merchandise value exceeded pre-COVID levels, and it also lowered its user acquisition cost to one-third of the amount it spent before the pandemic. It’s making revenue and exceeding its revenue numbers from before COVID-19.
Over 60% of China’s young consumers show interest in fledging space tourism
Online travel platform Qyer.com has recently worked with the immersive experience destination, Jinchang NO.1 Mars Base, to release a report on the development of space tourism in China. The report pointed out that 94.4% of respondents expressed interest in space tourism, but only 15.6% had actual experience, of which women were the main force, accounting for 64.1%. The emerging sector was most popular among the Post-90s age group, which accounted for 41.2% of the total, followed by the Post-2000s (21.7%).
Online travel agency Trip.com clashes with tour operators as it seeks more control
Online travel agency Trip.com Group has been embroiled in a brouhaha with tour group operators on its platform since the company moved to take control of customer service and contracting and exert greater control over pricing. It’s a move that merchants say could give the travel giant a bigger cut of profits — but one that risks driving them into the arms of a growing number of alternative platforms.
Chinese hotel group Dozzen seeks IPO, backed by Meituan with a 20% stake
Meituan-invested Chinese hotelier Dossen International Group has filed for IPO on the Shenzhen Stock Exchange. Founded in 2007, Dossen is a hotel group headquartered in Guangzhou, China. The company has established a portfolio of 13 hotel brands ranging from economy to premium segments. Lifestyle and travel booking giant Meituan, the second-largest shareholder, has acquired a 20% stake in Dossen through a deal that valued the hotelier at RMB 5 billion (USD 775 million) last year.
eVTOL startups secure new funding rounds as flying cars heat up
As urban commute demand evolves and the concept of “air taxi” emerges, electric vertical takeoff and landing vehicles (eVTOL) are gaining popularity in recent years. Morgan Stanley Research estimated that the eVTOL market will create a USD 1.5 trillion market by 2040. Volant Aerotech, a Shanghai-headquartered company, announced that it secured nearly RMB 100 million (USD 15 million) in its Pre-A financing round in the first half of 2022, according to business media 36Kr.
China’s civil aviation sector loses $16.2 billion in first half, more than last year
China's civil aviation industry, which includes airlines and airports, accumulated losses of RMB 108.9 billion (USD 16.2 billion) in the first six months, more than the full-year losses in both 2020 and 2021, as the Covid-19 pandemic continues to strangle air travel, according to the latest data. At one point, there were only 2,967 flights a day, just 17.8% of the same period in 2019.
Beijing launches consumption coupons worth $4.47 million to boost tourism recovery
The Beijing Municipal Bureau of Culture and Tourism vowed on Sunday to give away consumption coupons for tourism accommodation reservations in suburban Beijing districts via OTA Qunar in a bid to revive the virus-hit tourism sector following two recent outbreaks of coronavirus in the capital. According to a statement, Qunar sent to the Global Times on Sunday, the overall value of the coupons will be no more than RMB 30 million (USD 4.47 million) and will be given away in three rounds. The maximum discount for single order will reach 50% with the subsidy set at a maximum of RMB 1,000 (USD 148.85).