|News from around the Greater China region, Jan 08.|
Tuesday, 8th January 2013
Source : HVS International
Hotel, industry and travel news from around the Greater China region; this week: Crack down on lavish government spending, Chinese theme park planned in Australia and more....
MOODY'S REVISES CHINA'S PROPERTY OUTLOOK TO STABLE
Moody's Investors Service has changed its outlook for China's property industry to stable from negative on the expectation that the trend of improved sales and access to funding will continue in 2013. Franco Leung of Moody’s states that the group expects property sales to grow in the single digits in percentage terms over the next 12 months.
CHINA OPENS SECOND RAILWAY TO KAZAKHSTAN
A second cross-border railway to Kazakhstan opened recently, linking China's northwest Xinjiang Uygur autonomous region and the central Asian country. The rail line started service with a freight train, which travelled from China's east Jiangsu province's port city Lianyungang, passing through the Xinjiang-Kazakhstan border city of Korgas and entered Kazakhstan's railway.
CHINA CURBS DOWN GOVERNMENTAL LAVISH SPENDING
According to China Daily and Daily Lodging Report, China's supreme court has banned tourism at state expense and meetings in luxury hotels. In addition, the court also imposed strict requirements on related seminars, forums and celebrations. Government agencies and public institutions are spending more and more public money on holding meetings which could easily lead to possible corruption.
AUSTRALIAN DEVELOPERS PLAN A$500M CHINESE THEME PARK
According to People’s Daily, Australia plans to open a Chinese theme park with highlights including a full-scale replica of the gates to the Forbidden City. The Council of Wyong Shire, located about 80 kilometres north of Sydney has signed an agreement to sell 157,000 square meters of land to the Australian Chinese Theme Park Pty Ltd for A$10 million, for the construction of the A$500 million theme park.
CHINA’S 35th SHANGRI-LA DEBUTS IN YANGZHOU
The 35th Shangri-La Hotels and Resorts opened in Yangzhou of Jiangsu Province. Being Yangzhou’s first internationally branded five-star hotel, the 369-key Shangri-La Yangzhou hotel overlooks Mingyue Lake and includes signature Shangri-La elements such as the Horizon Club floor accommodations, an array of restaurants, and leisure and recreational facilities including a comprehensive Health Club with a 25 metre indoor swimming pool. The hotel has the largest Grand Ballroom in Yangzhou.
CARLYLE TAKES CONTROL OF CHINA'S MANDARIN HOTEL CHAIN
According to Bloomberg, the US buyout giant Carlyle Group bought a controlling stake in China’s Mandarin Hotel Holdings in a bid to enter the country's booming mid-tier hotel market. Carlyle will acquire a 49% stake in the company, making it the largest shareholder.