Why China’s real estate crisis should make the global travel industry nervous

The global tourism industry is rebounding – but cautious Chinese consumers are choosing to stay closer to home. DuKai photographer/Moment/Getty ImagesOnce upon a time – in 2019 – tourists from China were among the best-traveled in the world. They collectively spent more than US$250 billion abroad – nearly twice as much as their nearest competitors, the Americans – and logged more than 150 million departures on international flights that year. The COVID-19 pandemic shook the Chinese travel indust