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News from around the Greater China region, April 26.
Friday, 26th April 2013
Source : HVS
Hotel, industry and travel news from around Greater China; this week:†China reforms VAT, another Shangri-La for Shanghai†and more....

CHINA FIXED-ASSET INVESTMENT UP 20.9% 2013Q1

According to China Daily and the National Bureau of Statistics, overall fixed-asset investment, rose 20.9 percent year-on-year to RMB5.8 trillion (US$937 billion) in the first quarter of 2013. During 2013Q1, investment from the private sector rose 24.1 percent year-on-year to RMB3.7 trillion, accounting for 63.3 percent of the overall investment. In terms of public sector investment, in 2012, the government launched plans to open up key sectors dominated by state-owned enterprises such as energy, banking, railway and healthcare.††

CHINAíS VAT REFORM TO BOOST ECONOMIC VITALITY

According to China Daily and the State Council, China decided to expand the pilot value-added tax reform program nationwide and to further reduce tax burdens on enterprises. According to a statement from the State Council, the reform, effective on 1 August 2013, will replace turnover tax with a value-added tax in transport and some service sectors across the nation. It is estimated that the widening reform will reduce tax burdens on business by about RMB120 billion (US$19 billion) in 2013.†

CHINA SOUTHERN AIRLINES TO OPEN ZHANGJIAJIE-TAIWAN DIRECT ROUTE

China Southern Airline has opened a direct air route linking Zhangjiajie, a World Heritage Site located in the central Hunan Province, and Taiwan Taipei. Starting from April 15, the three-hour flight will take off from Taiwan Taoyuan International Airport and arrive at Zhangjiajie Hehua International Airport.†

SHANGRI-LA FLAGSHIP HOTEL TO OPEN IN SHANGHAI

According to TTG Asia, Shangri-La Hotels and Resorts aims to open its new flagship hotel in Shanghai, Jing An Shangri-La, West Shanghai in June. Situated within the Jing An Kerry Centre integrated complex in Puxi, Shanghai, the Hotel occupy the top 29 floors of the 60-storey main tower. The 508-room property provides a 1,740 square metres of pillar-less Jing An Grand Ballroom.††

SAN FAR PROPERTY WINS OVER HALF OF TAOYUAN HOTELíS BOARD SEATS

According to Taipei Times, Land developer San Far Property Ltd has acquired management rights over Taoyuan Hotel after winning more than half of the seats in the board directorsí election. In 2012, Taoyuan Hotelís sales grew 3.7 percent year-on-year to NT$259 million (US$8.7 million). Occupancy rates have stayed high over the past few years at more than 90 percent. However, without an expansion plan, the high occupancy rate indicated limited growth momentum for Taoyuan Hotel. Chinese visitors accounted for more than 60 percent of the hotelís guests, most of whom travel with tour groups.†

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