CDFG parent merges to create new Chinese tourism giant

chinaCHINA. China Duty Free Group’s parent organisation, China International Travel Service (CITS) has been merged with China National Travel Service (HK), according to a statement yesterday from the State-owned Assets Supervision and Administration Commission of the State Council (CSRC).

In a short statement, the CSRC said that CITS is now a wholly-owned subsidiary of the China National Travel Service (HK) and no longer under CSRC control.

State-owned China National Travel Service (HK) Group describes itself as China’s largest travel group. Its shares surged by +9.2% this morning following the announcement.

Financial markets media aastocks.com reckoned the asset scale of the new firm will be at least RMB120 billion (US$18 billion), creating a new tourism super group in China.

That should make the highly profitable and expansion-minded China Duty Free Group even more powerful as it seeks to develop its operations both in Mainland China and beyond.

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(Above and below) China Duty Free Group’s magnificent shopping complex at Haitang Bay on Hainan Island is the retailer’s grandest statement of ambition yet. The retailer now becomes part of China’s new travel and tourism super force.

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