CITS to build a 271m yuan duty free shopping mall in Hainan
China International Travel Service (CITS) plans to build a duty free shopping (DFS) mall in Hainan province during 2011, reports Caijing.com, citing from Xue Jun, the company's board secretary.
According to Xue Jun, the company will invest 271 million yuan in the construction of a duty free shopping mall.
The 271 million yuan investment was originally allocated for DFS projects in Dalian, Xiamen and Qingdao.
Liao Xufa, an analyst from Guosen Securities, says the annual DFS sales volume in Sanya City, Hainan province was $US80 million in 2009 and he expects it to further increase to $US200-500 million, based on the rising number of tourists and per capita consumption.
China International Travel Service recorded a 19.38 percent year-on-year growth in DFS sales revenue to 1.391 billion yuan in the first half of 2010, with operating profit of 485 million yuan, accounting for 60.85 percent of its total profits.
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