Glenn D.Fogel, CEO of Booking Holdings, a leader in online accommodations and travel e-commerce, came to China on Nov. 7 for the fifth World Internet Conference, also known as the Wuzhen Summit.
“Events such as the China International Import Expo (CIIE), which promotes international trade, will boost demand for hotel accommodation and transportation, ensuring the long-term development of the country’s tourism,” Fogel said.
Booking has been working with many Chinese tech firms. Its main strategy for expansion in the Chinese market is investment.
Booking invested $450 million in the e-commerce platform Meituan-Dianping in October 2017, and the two parties formed strategic cooperations. In July, Booking has again laid eyes upon a tech giant DiDi. The former infused $500 million into the ride-hailing platform, and added access to Didi, which largely facilitates DiDi’s overseas expansion strategies.
Booking Holdings’ predecessor was Priceline, an online travel platform founded in 1997. It became one of the investors for Ctrip, the largest Chinese online tourism platform, in 2012.
Priceline succeeded from a special pricing method that allows consumers to bid on hotels and flights. It acquired Booking, Kayak, Agoda, Rentalcars and OpenTable, making itself the world’s largest online travel company with a reported revenue of $12.7 billion for the full year of 2017, according to Forbes.