According to the China Tourism Academy, 84% of the Chinese outbound tourists are young and all under the age of 45.
Carlyle and GIC are believed to argue that coronavirus and the collapse of business travel globally have materially altered the deal’s conditions, and thereby allow them to walk away.
Booking loses $130 million in the sale of its Trip.com Group stake; Shanghai Disney theme park will reopen on May 11.
The three companies believe that WEX had assumed all of these risks when it signed the Purchase Agreement.
It’s worth about USD 15 million in equity and debt at a valuation of about USD 110 million.
With more than 60 locations across the globe, the company’s pitch was well received.
45% of Chinese travelers plan to visit Vietnam this year; Hyatt Hotels' occupancy in Greater China have gradually improved.
The company will start one-on-one meetings with employees starting May 7 and will likely finish the layoff process by the end of this month.
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