Ctrip sets up billion-dollar travel fund, eyeing assets in Australia, New Zealand
Ctrip has partnered with Bangarra Group and Inhope Investment to launch an AUD 1 billion (RMB 5 billion) fund to invest in hotels, resorts and tourism-related assets in Australia and New Zealand.
Chinese online travel giant Ctrip has teamed up with Beijing-based conglomerate Inhope Investment Group and Bangarra Group, an Australian funds management and private equity company, in setting up an AUD 1 billion (around RMB 5 billion) travel investment fund, according to an announcement on Inhope's website.
The fund is aimed to invest in hotels, resorts and tourism-related assets in Australia and New Zealand, according to the announcement.
Australian news site Afr.com reported that the consortium is tipping in AUD 100 million to cornerstone the fund, while a raising effort for a further AUD 900 million will start in the next few weeks. That will span investors and large family offices in Europe, the US and Asia.
The fund hopes to draw on "new millennial" traveler trends and provide Chinese tourists with experiential destinations in Australia, New Zealand and across the Asia-Pacific region. It will look to offer activities such as diving, skiing, surfing, and cycling.
The consortium also provided a guarantee on occupancy in its investments of 85%.
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