China Travel Stocks Drop on Goldman Sachs Report
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Ctrip.com International Ltd., a consolidator of hotel and airline bookings in China, tumbled in New York after Goldman Sachs Group Inc. said the nation’s three biggest carriers cut commission rates paid to travel agencies.
Ctrip.com declined 14 percent to $32.81, the biggest drop since December 2008. eLong Inc., a Chinese web-based travel service company, fell 8.4 percent to $12.