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Spring Airlines posts 28.42% slump in 2016 net profit

China’s biggest low-cost carrier reported a 28.42% fall in net profit for 2016. The airline also announced that its chairman Mr. Zhenghua Wang has stepped down and been replaced by his son and former president of the company, Mr. Yu Wang.

04/05/2017|9:53:57 AM|ChinaTravelNews

Jin Jiang Hotels' net profit drops 12.4% in 2016

Jin Jiang International Hotels Group reported sales revenue of RMB 17 billion, up by 39.5% YoY. Operating profit amounted to RMB 2.1 billion, 8.0% more than previous year.

03/31/2017|6:45:07 PM|ChinaTravelNews

Shimao Property partners with Starwood Capital to create new hotel JV in China

Chinese developer Shimao Property and global private investment firm Starwood Capital will establish a new hotel joint venture based in China. The venture will be owned 51% by Shimao and 49% by Starwood Capital.

03/30/2017|7:25:18 PM|ChinaTravelNews

China Travel International's net profit plummets 74% in 2016

Tourism conglomerate China Travel International reported revenue of HK$4,070 million in 2016, down by 7%. Profit attributable to shareholders tumbled 74% to HK$350 million.

03/30/2017|6:21:14 PM|ChinaTravelNews

Ctrip survey finds 73% Chinese travelers with budget of 10,000 yuan in 2017

More than half of the polled Chinese travelers plan to spend over 10% of annual income on travel in 2017. Some 73% of them set aside a travel budget of more than RMB 10,000 (USD 1,452), and 60% will opt for outbound tours.

03/30/2017|7:26:47 PM|ChinaTravelNews

Hainan Airlines gains 22.95% in ancillary income

HNA Group’s core carrier Hainan Airlines recorded annual revenue of RMB 40.68 billion in 2016, up by 15.48% YoY. Ancillary income rose 22.95% to RMB 2.64 billion last year.

03/30/2017|11:05:35 AM|ChinaTravelNews

BTG Hotels focuses on upper midscale brands following phased consolidation

BTG Hotels has completed first-phase consolidation of former BTG Hotels Group and Homeinns Group in nine months after their merger and will be focusing on upper midscale brands for the next few years.

03/29/2017|11:28:57 AM|ChinaTravelNews

Theme park group Fantawild posts 711 million yuan net profit in 2016

Theme park operator Fantawild reported that operating revenue from its cultural and technological parks climbed 33.51% to RMB 1.77 billion in 2016, accounting for a dominant 91.03% share of the company’s total income in the year.

03/29/2017|11:14:30 AM|ChinaTravelNews
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