New York-listed, Shanghai-based Ctrip.com International, China’s largest online travel agency, announced on Monday that it had formed a partnership with US private equity house General Atlantic that will target onshore and global travel businesses, the Financial Times reports. The $400m fund, called Ocean Link and involving by two former Carlyle Group dealmakers, will join a fiercely competitive market where some of China’s most acquisitive groups have vied for high-profile tourism assets. About 130m Chinese people are expected to travel abroad this year alone – credit cards in hand. The cohort spent $215bn outside mainland China in 2015, according to figures from the World Travel & Tourism Council, a 53% jump from the $140bn spent the year before.
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