China Tourism, Airline Stocks Climb On Shorter Quarantines For Int’l Arrivals; Trip.com Soars 14%
Share this @internewscast.com


Shares in China’s tourism and travel businesses soared in U.S. trading today after the country said on Tuesday it would reduce Covid-related mandatory quarantines on internationally arriving passengers to seven days from the previous 14-21 days.

Among the leaders was Trip.com, the country’s biggest online travel site, whose Nasdaq-traded shares climbed by 14% to $28.11 at 12:15 p.m. today. That put Trip.com, which is nearly 11% owned by China online search leader Baidu, on track to its best close since February.

Huazhu, the big China hotel chain chaired by China billionaire Ji Qi, rose by 5.9% to $37.87. Ji is a member of the board at Trip.com, along with Forbes Midas List members Neil Shen and JP Gan. GreenTree, a smaller Shanghai-headquartered hotel chain, rose by 6.6%.

China’s tourism industry has been hurt by travel restrictions since the pandemic began two years ago. Lockdowns in Shanghai this year triggered supply chain disruptions in companies including Tesla, reduced investments, and has led to an outflow of expatriates in what has been one of the country’s most international cities.

Airlines stocks also rose. China Eastern, based in Shanghai, rose by 6.7%. China Southern, headquartered in Guangzhou, climbed 3.8%.

China’s benchmark CSI Index rose by 1% to a three-month high of 4,490.52 earlier today on growth hopes.

After the new seven-day quarantine period, new arrivals are required to spend three days at home, media reported.

See related posts:

U.S.-China Business Ties “Better Than The Headlines”

China Deletes Reference To Five Years Of Zero-Covid Policies In Beijing — CNN

@rflannerychina

Share this @internewscast.com
You May Also Like

I Started Only Checking My Email Every Other Day. Here's What Happened.

The change took some time, but it’s been transformative for my business—and…

Korean financial watchdog to block tens of unregistered exchange websites

Unregistered cryptocurrency exchanges operating in South Korea could see their services grind…

Wordle Today #423 Answer, Hint And Clues For Tuesday, August 16th

Here’s today’s Wordle answer plus some helpful hints and clues. SOPA Images/LightRocket…

Follow The Yellow BRIC Road (To A New Digital Reserve Currency?)

The Reserve Bank of India (RBI) is creating a new set of…

Tencent Results Mixed While Denying Meituan Divestment As Premier Li Outlines Stimulus

China Last Night KraneShares Tencent Q2 Earnings Overview Tencent reported mixed results…

Education Department Confirms Biden Will Decide Soon

President Joe Biden (Photo by MANDEL NGAN/AFP via Getty Images) AFP via…

Lock In High Yields With Mortgage REITs

Cubes form the abbreviation “REIT” (Real Estate Investment Trust) next to a…

Korean police seize crypto for unpaid traffic fines in trial

A South Korean town near Seoul has been successfully operating a pilot…