Hotel, industry and travel news from around the Greater China region; this week: China overtakes US as FDI destination, China's youngest city, HNA Group buys Aigle Azur stake and more....

CHINA OVERTAKES UNITED STATES AS LEADING FDI DESTINATION
 
According to China Daily, for the first time since 2003, China has surpassed the United States as the world's largest recipient of global foreign direct investment (FDI) in the first half of 2012. This demonstrates that, despite its economic slowdown, global investors are still confident in the China's economy. In the first half of 2012, FDI inflows to China amounted to US$59 billion, despite a year-on-year decline of 3 percent from US$61 billion in the first half of 2011. 
 
FLAT GROWTH EXPECTED FOR CHINA IN 2013
 
According to Yu Bin, Director of Macroeconomic Research Department at the Developer Research Center under the China's Cabinet, the economy is currently in a stage of shifting to moderate growth rates somewhere between 7 percent and 8 percent from an annualized growth rate of 10.6 percent over the past ten years. The economy's key drivers, growth of exports and consumption, will remain stable next year. However, investment, another growth driver, is likely to head downwards due to gloomy property, manufacturing and infrastructure construction sectors. Furthermore, easing measures adopted global wide have pushed up prices for global commodities and attracted inflows of short-term capital, which will likely hike CPI rates next year. 
 
INFRASTRUCTURE BOOST PLANNED FOR SANSHA, CHINA'S YOUNGEST CITY

According to China Daily, plans have been announced to speed up infrastructure construction in the newly established Sansha city, in South China Sea, to fully utilize the island city's rich natural resources. According to Jiang Dingzhi, the governor of Hainan Province, home to Sansha, construction projects in Sansha like transportation, telecommunication, water and electricity supply, logistics and sewage treatment are accelerated in Sansha. China's youngest city, officially set up in July on Yongxing Island, is planning four infrastructure projects and starting a housing program in September 2012. Governor Jiang further states that the province will prioritize building service bases for resource development then further support will be given to develop the fishery, tourism, gas and oil sectors.
 
TIBET OPENS WORLD'S HIGHEST NATIONAL PARK
 
The world's highest national park opened on 26th October in southwest China's Tibet Autonomous Region. The Qomolangma National Park, with a total area of 78,000 square kilometres, is located at the border of China and Nepal, covers six counties of the region's Xigaze Prefecture. It includes five mountain peaks with altitudes of more than 8,000 meters, such as Mount Qomolangma. As the world's highest peak, 8,848-meter-high Mount Qomolangma is favoured by tourists from all over the world. This year, the zone has received more than 73,000 tourists.
 
JIN JIANG SIGNS NEW HOTEL IN YANGZHOU
 
Jin Jiang International Hotel Management Company Ltd. officially announces the signing of their new hotel with Yangzhou Xinyi Investment & Development Co., Ltd. in Yangzhou city, Jiangsu province, China. The hotel is positioned as a 5 star hotel which is located in the developmental zone of Jiangdu district in Yangzhou, a city with a long history and strong economic and cultural center. The land area of the hotel is 25,599 square meters, and the GFA is 52,423 square meters. There will be 389 rooms with an average size of 45 square meters for the majority and are all equipped with modern amenities. The hotel will feature an array of additional recreational facilities, restaurants, lounges, and extensive meeting and banqueting facilities to cater to a variety of banquets, conferences and events. The hotel is scheduled to open by October 2013.
 
CHINA'S HNA GROUP TO BUY FRANCE'S AIGLE AZUR STAKE
 
According to Wall Street Journal, HNA Group, one of China's largest non-state owned conglomerates has agreed to take a 48% stake in French airline Aigle Azur. In the last two years, HNA Group has been actively looking for international investment opportunities. Late last year, it together with a small Hong Kong-based private-equity firm paid $1.05 billion for marine container-leasing company SeaCo, which was bought from General Electric Co. It has also invested in property in New York, and has bid to invest in overseas hotel chains and airports.HNA has expanded rapidly beyond its aviation roots in recent years, evolving into one of China's largest conglomerates.

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