Trbusiness. The travel retail Trbusiness. The magazine for global retail and duty free professionals.CDFG parent CITS snaps up 51% stake in HNA-backed Hainan Duty Free
By Luke Barras-hill |
Hainan raised its duty free allowance again this month.
China Duty Free Group (CDFG) owner China International Travel Service Corporation Limited (CITS) has acquired a majority stake (51%) in Hainan Duty Free Co. Ltd (HNDF).
A Shanghai Stock Exchange filing lodged on 8 June seen by TRBusiness confirms the equity transfer of Hainan Duty Free, part of Chinese aviation and travel conglomerate HNA Group, to CITS.
TRBusiness is seeking further comment from its sources.
The proposal is understood to have been discussed at a Board of Directors meeting and AGM.
The news follows swiftly on the heels of a major development for Hainan Island, which has more than tripled the duty free allowance to RMB100,000 ($14,063) as momentum continues on the development of its Free Trade Zone and Port.
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