China's leading online travel agency Ctrip plans to open its headquarters in Singapore to provide tourism services in the Southeast Asian region. (Photo : REUTERS)
China's leading online travel agency Ctrip is set to open its Southeast Asia headquarters in Singapore, according to a recent announcement by the company.
A report by China Daily said that the move was made as the company aims to increase its inbound and outbound tourism services in the region, including hotel and flight bookings for travelers, with Singapore as a hub.
According to the company, part of its expansion plans includes the establishment of a data center and an international financial settlement and investment center.
"The Southeast Asian market is an important part of Ctrip's international expansion. Relying on Singapore's port advantage and economic status in the region, Ctrip can provide enterprises and individuals throughout the region with its robust travel product offerings," Ctrip co-founder, chairman and CEO James Liang said during a media conference in Beijing on Jan 26.
Liang said that Ctrip's offers include more than 1.2 million hotels and flight tickets to and from more than 5,000 cities worldwide, adding that the company will also strengthen its partnerships with local vendors in Singapore and others in the region.
Ctrip announced earlier this month that it has invested a total of $180 million in one of India's largest online travel agencies, MakeMyTrip, in the form of convertible bonds.
The Chinese company said it has also set up investment relations with global online travel agencies such as Priceline and Travelfusion.
In October last year, Ctrip agreed to form a share-swap partnership with its rival Qunar Cayman Islands Ltd. to create China's biggest online travel service.
Under the deal, Ctrip will have 45-percent share of Qunar, while Baidu, which owns 20 percent of Qunar, will have a 25-percent stake in Ctrip.
The report said that the partnership enabled the two companies to combine products and services.
Bloomberg said that after the partnership, the two companies will have a combined market value of $15.6 billion, as Qunar is the second largest online travel agency in China.
Ctrip had a market valuation of $10.6 billion, while the smaller Qunar is valued at $5.2 billion, Thompson Reuters data showed.
