China National Travel Service Group, the country’s largest tourism conglomerate, plans to launch an RMB 50 billion investment fund, targeting aggressive acquisitions around the world.
Sinbad Travel has secured millions of yuan in A+ round and plans to use the funds to upgrade its itinerary customization system and consolidate overseas resources.
Xinhua report attributes China’s tourism growth to improvement of travel service quality by suppliers.
Study finds that China had the largest number of outbound tourists in the world in 2015.
CITS registered operating revenue of RMB 16.445 billion in first three quarters of 2016, up by 4.12% YoY. Net income was RMB 1.461 billion, 10.78% more than last year.
State-owned travel agency CYTS recorded operating revenue of RMB 7.735 billion in first three quarters of 2016, down by 1.65% YoY. Net income was up by 53.15% YoY.
Travel brands in China have netted RMB 478.2 billion in revenues so far this year, 13.5% more than last year’s RMB 421.3 billion.
Caissa Tourist’s operating revenue rose 23.45% to RMB 2.428 billion in the third quarter of 2016. Net income climbed 35.98% to RMB 179 million.
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