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: Central government yet to consider resumption of group travel to Macau

Back

Gehua New Century Hotel Beijing traffic info

Business zone:Ampoule
Area:chaoyangqu
Address:Beijing · Beijing · chaoyangqu - No.19 Gulou Outer Street, North 3rd Ring Road Chaoyang District Beijing China

Gehua New Century Hotel Beijing reserve:020-86009099 (CouponCode:13505) Busy or no answer, online booking please!
Catering Entertainment:010-62028888,10105050   Meeting room reserve

Gehua New Century Hotel Beijing address: No.19 Gulou Outer Street, North 3rd Ring Road Chaoyang District Beijing China

北京歌华开元大酒店Gehua New Century Hotel Beijing Sitemap

Disclaimer: We are partners of Ctrip (including Tongcheng Elong, Qunar,Zhuna, etc.), booking, Agoda and Expedia. We only provide Gehua New Century Hotel Beijing 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 Gehua New Century Hotel Beijing, please know.