Home > > Fosun gets 6x return selling ixigo stake; Bali to reopen on Oct 14 | Daily Brief

Fosun gets 6x return selling ixigo stake; Bali to reopen on Oct 14 | Daily Brief

10/09/2021| 11:09:25 PM| ChinaTravelNews

Stuck in China, consumers are spending millions for luxury goods in Hainan; Chinese tourists favor private, short-distance trips.

Fosun gets 6x return after selling majority of its stake in ixigo

>> China's Fosun International invested close to $5 million in ixigo in 2017 and had 3.69% stake in the company and sold 3.19% to Invesco and GIC. Sources said that Fosun received $30 million as return of investment after selling majority of its stake in ixigo to Invesco and GIC.

Indonesia to reopen Bali island for international travelers 

>> Indonesia will reopen its tourist island Bali for some international travelers, including those from China, New Zealand, and Japan, among others, from Oct 14, senior cabinet minister Luhut Pandjaitan said. Bali's Ngurah Rai international airport will be open to foreign tourists from that date, with visitors required to quarantine for eight days at their own expense.

Stuck in China, consumers are spending millions for luxury goods in Hainan

>> Chinese consumers opened their wallets to shop during the week-long National Day holiday that ended Thursday, even as travel numbers fell compared to the previous year. Sales at nine duty-free shops in the southern island province of Hainan totaled nearly RMB 1.64 billion (USD 252.3 million) from Oct 1 to 6, according to state media. That marked an increase of 75% from the same period in 2020, and more than four times more — or a 359% jump — compared to the same period in 2019, the report said.

'Compensational travel' stimulates consumption in China

>> China's consumption has been greatly stimulated by "compensational travel" during the National Day holidays (Oct 1 to 7). Domestic tourism revenues have reached 389.061 billion yuan ($60.32 billion), which is 59.9 percent of the pre-pandemic level. 

Chinese tourists favor private, short-distance trips for national holiday

>> Data from online travel service platforms showed that Chinese tourists have shown a marked preference for short-distance travel and driving tours during the week-long holiday. Search queries about "short-distance trips" have surged by over 250 percent year on year in 2021, according to Chinese travel service and social networking platform Mafengwo.

Chinese tour operators offer pet-inclusive vacations

>>  A growing group of pet owners now travel with their furry friends, thanks to an increase in animal-friendly tour groups catering to such needs. Over the National Day break, 20 dogs and their owners visited a local ancient town, swam in a river, and ended their day at a five-star pet-friendly hotel. The size of China’s pet market doubled between 2015 and 2019, with the industry’s value reaching 295 billion yuan last year, according to consultancy firm iiMedia research. Nearly 70% of pet owners in China are millennials with relatively high income and academic degrees.

Red tourism, family outings fuel holiday travel surge

>> The National Day holiday saw a surge in tourism, as people unleashed a strong demand for traveling that was suppressed over the summer holiday due to sporadic COVID-19 outbreaks. The Ministry of Culture and Tourism said that revenue of about RMB 389 billion (USD 60.3 billion) was generated over the holiday, roughly 60% of that in 2019. 

TAGS: Daily Brief | Bali | Red tourism | Fosun
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