China’s travel and hotel exchanges plan to ease Covid restrictions | Tech US News

[ad_1]

Share prices of China’s biggest travel and hotel stocks rose on Friday after the government said it planned to shorten the quarantine period for international arrivals to the mainland and lift the restriction on international flights.

“Zero-Covid” rules have slowed economic growth and helped hit share prices in the world’s second-largest economy last year. The combined fortunes of the 100 members of the 2022 Forbes China Rich List released yesterday fell 39% from a year ago to $907.1 billion, the biggest drop in wealth since Forbes began publishing the ranking of the richest rich in the country more than two decades ago. (See details here.)

Shanghai-based Trip.com, the country’s largest online travel agency, soared 17% to HK$234.80 on the Hong Kong Stock Exchange today. Hotel chain H World Group, whose largest shareholder is Chinese billionaire Ji Qi, rose nearly 17% to HK$29.05. H World is also headquartered in Shanghai.

Among Hong Kong-based hotels, Hong Kong and Shanghai Hotels, chaired by billionaire Michael Kadoorie, rose 6%; its global Peninsula Hotel chain includes locations in Shanghai and Beijing, Langham Hospitality, a REIT chaired by Hong Kong billionaire Lo Ka Shui, gained 4%; and Emperor Entertainment Hotel rose 4%. Shui On Land, the Hong Kong-based developer of Shanghai’s posh Xintiandi entertainment district, rose 5%. It is run by Lo’s billionaire brother Vincent Lo. Overall, Hong Kong’s benchmark Hang Seng rose 7.7% to a five-week high of 17,325.66 on Friday.

China announced plans on Friday to selectively reduce the number of days international arrivals must spend in hotel quarantine from seven to five, among other easing measures, CNN reported.

The absence of an actual start date has not deterred investors eager for signs of an easing of the country’s strict zero-covid rules.

See related posts:

China’s 100 richest see record wealth drop

Connected: Wang Chuanfu explains how China’s No. 1 electric vehicle maker met Tesla

Nongfu Springs Zhong Shanshan holds the No. 1 spot on the Forbes China 2022 Rich List

@rflannerychina

[ad_2]

Source link

Please disable your adblocker or whitelist this site!