Chinese visitation up 40 percent in January
Chinese lawyers, professors and people with master’s degrees or better are on South Korea’s list of desirable tourists, according to a report from the Yonhap News Agency.
The country’s Ministry of Justice has announced a new policy that will grant multiple entry visas to these valuable visitors. The China Daily reported the policy could open the door to more than 80 million new visas.
Figures from the Korea Tourism Organization indicate that some 6 million Chinese tourists visited South Korea in 2015. They generated about $22 billion in revenues and accounted for 1.6 percent of South Korea’s total gross domestic product in accommodation, transportation and shopping. More than 552,000 Chinese visited the country in January alone, up 40 percent year-on-year.
More Chinese visitors –especially people of means—could be good news for the republic’s casino industry. Two new integrated resorts are now in development on Yeongjondo Island, one from Korean casino-operator Paradise and one from the Lippo and Caesar Consortium or LOCZ Korea, a joint venture between the Chinese and American companies. In addition, South Korean chemical company KCC Corp. has joined with U.S. tribal casino operator Mohegan Sun in a proposal to develop a casino resort on the island. And the Genting Group plans to build an integrated resort on Jeju Island, where Chinese visitors enjoy visa free access, according to Forbes.
KTO data shows the average Chinese tourist spends about $2,000 per visit—double that of other foreign tourists—and devote about 70 percent of their travel budget to shopping. By 2018, South Korea will welcome more than 10 million Chinese tourists per year, the organization predicts.
