China bets on duty-free paradise to keep luxury spenders at home
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Sanya, China
CHINA'S efforts to lift local consumption, spur domestic tourism and keep within its borders citizens who splurge in Milan or Seoul have spawned a duty-free paradise on the southern island of Hainan that it hopes will satisfy a lust for luxury.
Firms such as the owner of the world's biggest duty-free shopping centre, China International Travel Service Corp Ltd (CITS), are capitalising on a relaxation of duty-free spending restrictions in February, with HNA Group Co Ltd reporting a 160 per cent surge in sales.
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