Two new offshore duty-free stores - Global Premium Duty Free Plaza and Haikou Guanlan Lake Duty Free Shopping City - opened yesterday (Jan.31) at Haikou, capital of China's resort island Hainan. This landmark in Hainan province’s extraordinary duty free development raises the number of duty-free shops on the island to nine.
Global Premium Duty Free Plaza, run by Hainan Development Holdings (HDH), is located in a large shopping center in downtown Haikou. The plaza opened its first phase yesterday, awaiting its second and third phases due by the end of June and September this year, respectively. The products cover all core categories such as perfume & cosmetics, food and confectionery, wine & spirits, electronic products, sunglasses, among others.
Haikou Guanlan Lake Duty Free Shopping City, run by Shenzhen Duty Free Group Shenzhen, offers nearly 500 international brands in a shopping area of 20,000 square meters.
South China's Hainan Province plans to build itself into an international tourism consumption center in the next five years. Starting Jul.1, 2020, Hainan has increased its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person. Global consumption remained downbeat under the shadow of the COVID-19 pandemic, but the unprecedented dividends released by Hainan's new offshore duty-free policies have been tempting enterprises with duty-free business qualifications.