Cendant Corporation (ticker: CD) recently entered the China travel services market. Here are key quotes and observations about the China market from Chairman and CEO Henry Silverman during his company's Q1 2005 earnings results conference call.
(Quotes are from the CCBN StreetEvents transcript.)
....well, we think we are well-exposed in Asia. We own a piece of a travel agency in China, although the business model is far different than it is here. Most of the reservations are made over the telephone, and most of the tickets are actually bought in cash, because there are very little credit card usage in China. But we are there, and probably X number of years from now that is going to be a huge home run. And of course, Gullivers (a recent acquisition) has a huge presence in China and particularly Japan. So we think that we are extremely well-exposed to those markets.