Domestic tourism was already struggling in the People's Republic. Now a surge in Covid curbs makes regional travel difficult. Duty-free giant China Tourism’s decision to shelve a $6 bln Hong Kong listing shows the industry's staycation pain, says ywchen1
China’s consumer price index rose 2.3% year-on-year in November, according to a statement from the country’s National Bureau of Statistics on Dec. 9. That’s slower than the 2.5% forecast in a Reuters poll but faster than the 1.5% registered in October. Prices for travel fell 3.5% on a monthly basis.
Shanghai-listed China Tourism Group Duty Free has decided to delay its Hong Kong listing because of the impact of Covid-19 on the global economy and challenging conditions in the capital markets, according to a company announcement on Dec. 3. It originally planned to sell up to 195.2 million shares in a Hong Kong listing that could have raised around $5 billion to $6 billion, IFR reported citing sources on Dec. 3.Tourists pose for pictures amid snowfall on a peak overlooking the Forbidden City at Jingshan Park, in Beijing, China November 7, 2021. REUTERS/Tingshu Wang - RC2FPQ9PLWNN
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