The Industrial and Commercial Bank of China will provide a more than USD 85 million loan to online travel giant Trip.com Group, plus loans for Shanghai-based airlines.

State-owned bank bails out travel firms

The Industrial and Commercial Bank of China (ICBC), a major Chinese state-controlled bank, will provide an RMB 610 million (USD 86.7 million) loan to online travel platform Trip.com Group, and an aggregate RMB 1.1 billion (USD 156 million) loan to two Shanghai-based airlines, Spring Airlines and Junyao Airlines, according to a notice from the Shanghai Municipal Financial Regulatory Bureau.

Travel businesses including airlines, hotels and online services have shouldered great financial burden due to the massive cancellations caused by the covid-19 coronavirus outbreak.

RevPAR of Hyatt hotels declined 90% last month in China.

Hong Kong airport to close concourse

Hong Kong International Airport is preparing to consolidate all flights into the main terminal building, as passenger flights into and out of the city drop by two-thirds.

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