China has become "the world's largest outbound tourism market" and "the world's fourth largest tourist destination", according to the country's tourism authority.
China plans to raise tourism revenue to RMB 7 trillion (USD 1 trillion) by 2020, the Chinese government said. The sector made more than RMB 4 trillion in 2015.
KKR and an affiliate of KSL Capital Partners will acquire Apple Leisure Group from Bain Capital for an undisclosed sum.
China aims to invest RMB 2 trillion (USD 290 billion) in tourism by 2020 by attracting more private investment into the industry, China's state planner said on December 14.
Caissa Tourist plans to make an investment in outbound tour platform HuanTaoYou and expedite consolidation of overseas resources by leveraging the latter’s supply-sales connection.
The collective income of China’s top 20 tourism groups this year is 40% higher than last year. The rapid growth is said to be a result of capital-driven mergers and online-offline consolidations.
China’s private conglomerate Fosun International announced on November 29 that it will complete spin-off of its travel arm by the end of this year for a potential IPO in 2020.
Low-cost trips with shopping account for over 90% of China's domestic tour group-package business, according to a report of Indian news website IBTimes.
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