China plans to spend about RMB 2 trillion on the tourism sector by 2020, which will contribute more than 12% of GDP.
Sequoia Capital China, IDG Capital and CYTS jointly launched an investment fund, CYTS Hongqi Fund, to capitalize on consumer upgrade in the tourism industry.
Chinese travelers will make more than 5 billion trips in 2017 and spend over RMB 5 trillion (USD 727 billion) in the year, projected CNTA.
Operator of tailored overseas tours UniqueWay has raised RMB 50 million in its series B round from China National Petroleum Corporation (CNPC)’s investment fund.
Fosun Tourism & Culture Group is in discussions with domestic and international investors for its first round of capital raising to boost overseas investments ahead of flotation, said president Jiannong Qian.
TUI Group has agreed to sell its Travelopia unit to US private equity firm KKR for EUR 381 million (USD 404 million).
Outbound tour operator UTour announced on February 2 that it has decided to pull the plug on the plan of fully acquiring HuaYuan travel agency for RMB 2.6 billion, “due to policy changes.”
Throughout the seven-day holiday, major tourism sites across the country recorded 344 million trips, demonstrating a 13.8% surge YoY, according to data China National Tourism Administration (CNTA).
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