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China fines Trip.com $770 million over online hotel-booking monopoly
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BEIJING, July 25 (Reuters) - China's market regulator said on Saturday it had fined and confiscated a total of 5.2 billion yuan ($770 million) from Trip.com Group for abusing its dominant position in the domestic online hotel-booking market.
The State Administration for Market Regulation (SAMR) confiscated 1.66 billion yuan in illegal gains and imposed a fine of 3.52 billion yuan.
SAMR also ordered Trip.com to refund booking deposits of 122 million yuan that it said the company had withheld from hotel operators.
China began an antitrust investigation in January following complaints that Trip.com had imposed unfair terms on hotels and manipulated pricing.
The penalty comes as Beijing moves to curb unfair competition among internet platforms and excessive price competition that authorities say has hurt businesses and fuelled deflationary pressures.