Tourism News Share wonderful travel information

booking

China’s duty-free island shopping boom drives 142% profit up

2020/10/19 16:26:17
China’s embrace of travel has spawned a clear corporate champion: the country’s state duty free shop operator.

China Tourism Group Duty Free announced this week that net income for the July-September quarter was up 142% year over year to RMB 2.23 billion ($ 331.1 million) as revenue rose 39 % rose to RMB 15.83 billion.

“In particular, sales of high-margin luxury items such as bags, watches and jewelry rose significantly,” said the company in a report on the Shanghai Stock Exchange.

The bonanza can be traced back to Beijing’s move in July to encourage domestic travel to Hainan Island by allowing visitors to the country’s southernmost province to purchase duty-free goods worth up to 100,000 yuan a year, from 30,000 yuan. Two months before the rule change, CTG Duty Free switched from half of its duty free stores in Hainan to managing all stores as 51% of a sister company was acquired by its state-owned parent company.

The fourth quarter could prove to be even better for CTG Duty Free.
Author:管理员

Prev: China's domestic flight numbers top pre-COVID-19 levels in September

Next: Accor hosts ALL Business Forum with key industry leaders to share insights towards the futures together

Back

Hilton Quanzhou Riverside traffic info

Business zone:
Area:jinjiang
Address:Fujian · Jinjiang · jinjiang - No. 999 Binjiang Road, Jinjiang I Quanzhou I Fujian I China 362218

Hilton Quanzhou Riverside reserve:020-86009099 (CouponCode:16227) Busy or no answer, online booking please!
Catering Entertainment:0595-85166666   Meeting room reserve

Hilton Quanzhou Riverside address: No. 999 Binjiang Road, Jinjiang I Quanzhou I Fujian I China 362218

泉州泉商希尔顿酒店Hilton Quanzhou Riverside Sitemap

Disclaimer: We are partners of Ctrip (including Tongcheng Elong, Qunar,Zhuna, etc.), booking, Agoda and Expedia. We only provide Hilton Quanzhou Riverside online booking service for you. Your reservation will be forwarded to the hotel by Ctrip, Tongcheng Elong and other partners. If there are problems such as liquidated damages, Tongcheng ELong or Ctrip will deduct the money and transfer it to the hotel, We are not the official website of Hilton Quanzhou Riverside, please know.