When asked to name some of China’s most successful companies, most people would probably name Alibaba, Tencent, as well as tech success stories like Huawei and ZTE. In travel, companies like China’s three state-owned airlines, Ctrip, and (also state-owned) Jin Jiang hotels may come to mind. As a matter of fact, big corporate in China’s big travel industry is starting to look increasingly big state as “success stories” of yesteryear are suffering immensely under crushing debt obligations and increased government oversight.
Just a couple of years ago, big corporate in China’s burgeoning travel industry would most certainly include companies like HNA, Dalian Wanda, and Anbang. The former, China’s largest private airline, went global and diversified—and fast at that. Dalian Wanda was building tourist attractions like there was no tomorrow, aiming not only to take on Disneyland Shanghai but Disney’s business model as a whole. Anbang, while not explicitly a travel company, made headlines around the world when it acquired New York’s Waldorf Astoria and Strategic Hotels & Resorts.
