Online travel giant Priceline Group has agreed to increase its investment in Chinese online travel company by a further $500 million.
The investment comes via a convertible bond and takes Priceline’s financial support of Ctrip to about $1.9 billion since 2014.
"Today’s announcement reflects our ongoing commitment to the partnership between Ctrip and The Priceline Group, which began in 2012," said Darren HustonCEO of The Priceline Group.
"The investment is an important part of our broader strategy to continue to grow our online travel business to, from and within China."
The two companies will continue their strategic partnership, cross promoting each other’s accommodations inventory between the brands.
