China’s CITS to invest USD 1.9 billion on world’s largest duty-free haven

A subsidiary of tour operator China International Travel Service (CITS) will spend CNY 12.9 billion (USD 1.9 billion) to build the world’s largest duty-free centre in China’s southern Hainan province, taking advantage of the island’s tax-free benefits for mainland tourists.

CITS Investment and Development aims to develop the 693,000 square-metre duty-free commercial, tourism and shopping complex between the Northern Hainan Economic Zone and the Western Coastal Cities’ sub-centre. The new district will comprise apartment blocks, office buildings, a five-star hotel and shopping streets.

The duty-free industry in China’s southern-most province is booming owing to policies that allow each visitor to buy CNY 30,000 (USD 4,358) worth of tax-free goods a year.

You might also like

Comments are closed.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time