[Asia Economy Reporter Yoo Hyun-seok] Global Tax Free is soaring. It appears that the news of China selling Korean tourism products has had an impact.
As of 10:38 AM on the 30th, Global Tax Free was trading at 2,955 KRW, up 21.60% (525 KRW) compared to the previous trading day.
The Korea Tourism Organization announced on the same day that starting from the 1st of next month, it will jointly promote Korean tourism products through the 'Super Boss Live Show' with 'Ctrip,' the Chinese brand of Trip.com Group, the largest travel company in Asia and China.
The broadcast, which will be held for about 40 minutes from 8 PM local time in China, plans to sell over 60 travel products including famous domestic hotels such as InterContinental, Sheraton, and Shilla Hotel, as well as Everland, Nami Island, and ski resorts. It is known to be the first official sale of Korean tourism products throughout China since the 'Hanhanryeong' (THAAD ban) in China in 2017.
Global Tax Free is the number one company in Korea for tax refund (domestic tax refund agency) services. The tax refund business acts as an agent for foreign tourists applying for tax refunds using post-tax-free shops and collects agency fees. Since acquiring KTIS's tax refund business in March last year, its market share is estimated to be over 65%.
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