| 요약2 |
The Chinese hotel industry currently stays in a historical high-speed growth period and continues to expand under the dual pressure of US sub-prime mortgage crisis and increasingly high inflation in China. However, in recent years, the average occupancy rate of guest rooms in Chinese domestic star-level hotels only remains around 60% and 20%-30% of gross profit rate and hotels below three-star level even encounters great deficit. Fortunately, Beijing 2008 Olympic Games and World Expo Shanghai 2010 will directly push the development of the whole Chinese tourism markets. At least 6 super five-star hotels including Paradise, Four Seasons, Ritz-Carlton, JW Marriott, and Conrad will open for business by the end of 2008 in Beijing CBD areas. At the same time, "the tallest hotel in the world" Shanghai Paradise Hotel with 174 luxurious guest rooms will open for business in Shanghai World Financial Center, and Shangri-La's Kerry Centre Hotel, Pudong Shanghai with 574 guest rooms will also open before 2010 for the great expansion. In addition to the existing numerous domestic hotel management brands, the Chinese hotel industry has reached the highest point in history. Our major clients mainly come from successful mining business owners, traders, emerging realestate merchants and some local government organizations. They have been in large quantity replacing the dominant position of government and foreign capital in Chinese high star-level hotel markets since 20 years ago. More over, the major share-holding parties of emerging hotels in Chinese markets mainly consist of domestic investors and foreign capitals merely hold a very small scale by participation equity in the recent 10 tears. The motivations of these emerging hotels entering markets are simply overheated fixed asset investments resulted from the following reasons: the state bank's low-interest loans for years, expectation of international idle funds to the rising of RMB value, inflation pressure of Chinese urbanization process, and long-term lack of multiple investment channels. People have turned a lot of their capital into fixed assets, because they have found that their extra money deposited in banks has been devaluating by 3_5% each year if converted into the purchasing power. Under the market environment of continuously rising land prices, either newly-built hotels or hotels reconstructed by purchasing old buildings have become the absolute profitable investment channels for investors to evade from high inflation. Even if a hotel misconducts within a couple of years after opening, the investors may still balance all purchasing and construction costs or even gain profits by selling with the added values of the land and buildings. A large amount of funds for land purchase and construction comes from banking and investment funds, which urgently want to earn loan interests. Furthermore, many companies preparing for IPO also urgently need to increase their bargaining power in IPO by expanding their business scopes. Finally, the high-speed growth lasting for nearly 30 years has really crated an unprecedented prosperous tourism and commercial markets for hotels. |