Ctrip to fund small and medium-sized hotels

Shanghai-based online travel operator Ctrip yesterday announced it will explore the industrial financing sector for the first time with the focus on funding small and medium-sized hotels in their decoration and renovation.

The first financial program of Ctrip provides a maximum loan of 10 million yuan (US$1.48 million) for the decoration of new hotels and renovation of existing hotels with a payback period of one to three years.

It also offers up to 1 million yuan loan for small-scale hotels for their rent payment, facility upgrade and expansion to lift the accommodation experiences of travelers.

Ctrip has inked cooperation with a number of banks such as Huaxia Bank and Zhongguancun Bank over the project.