Ctrip Finance launches first financial product “YiQiZhuang”
New product eases financial burdens for small and medium sized hotel businesses
SHANGHAI, July 18, 2018 (GLOBE NEWSWIRE) -- Ctrip, the largest online travel agent in Asia and the second largest in the world, launched its first financial product “YiQiZhuang” at the Ctrip Industrial Finance Forum in Shanghai. Introduced with the theme of “Integration, Evolution and Without Boundaries”, Ctrip’s “YiQiZhuang”aims to ease financial burdens experienced by small to medium-sized hotels and marks Ctrip’s first step into the Travel Supply China financing.
As the Chinese travel industry develops, many hotels are moving from more convenient and budget accommodation model to offering a more medium to high end hotel experience. For many small and medium-sized hotel owners, this upgrade often requires to additional financial pressures. Many hotel businesses also face difficulties in finding adequate loans and waiting for loan approvals.
The lack of mature financial products in the vast Chinese market represents an important development opportunity for Ctrip and its partnered financial institutions. Ctrip’s finance product “YiQiZhuang” was launched to fill this gap in the market. With 19 years of experience in the travel industry and having served more than a million domestic hotels, Ctrip has a deep understanding of the industry’s specific financial risks, enabling it to serve the industry better than any other peers.
According to the CEO of Ctrip Finance Janet Feng, “YiQiZhuang” will offer two types of loans for hotels. The first type serves customers wishing to upgrade, decorate or renovation their hotels. This type of loan has an upper limit of 10 million RMB, with the term of the loan lasting between 1 and 3 years. The second type of loan is a smaller capital loan, of amounts up to 1 million RMB and with loan term of up to 2 years. This type of loan is for upgrading facilities, hotel expansion and partial renovation. Any qualified hotel is able to directly apply for “YiQiZhuang” loan from Ctrip.
Ctrip has signed cooperation agreements with various banks such as Huaxia Bank and Beijing Zhongguancun Bank, ensuring sustained capital and ensuring that small and medium-sized hotels have access to convenient financial loans.
Jane Sun, CEO of Ctrip said, “Ctrip Finance is a platform which serves the real economy. YiQiZhuang is the starting point for Ctrip to explore the supply chain financing opportunity and offers an important platform to help our hotel partners and grow alongside these partners. In the future, we will continue to explore areas and provide financial alternatives for the industry.”
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.
For further information, please contact:
International PR
Ctrip.com International, ltd.
Tel: (+86) 21 3406 4880 ext 196455
Email:
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