Hotel, industry and travel news from around the Greater China region; this week: New economic zone for North West, China is the world 3rd largest tourism spender and more....

DATA SHOWS CHINESE ECONOMY EXPANDED IN OCTOBER

Industrial and consumer data showed China's economy expanded in October, signalling an economic revival after almost two years of sluggish growth. According to data published by the National Bureau of Statistics, sales of residential and commercial housing totalled to US$742.2 billion this year from January through October, up 5.6% compared to the same period last year. Investment in property development in China increased 15% in the ten-month period, while growth in housing prices slowed due to ongoing government measures to limit mortgages and house purchases. 

FIXED-ASSET INVESTMENT UP 20.7% IN FIRST TEN MONTHS
 
According to National Bureau of Statistics, China's fixed asset investment rose 20.7 percent year-on-year to RMB29.3 trillion (US$4.6 trillion) in the first ten months of 2012. Investment in property development climbed 15.4 percent to RMB5.8 trillion during the period. Investment in residential property gained 10.8 percent to RMB4.0 trillion, accounting for 68.9 percent of total property investment. 
 
NORTHWEST CHINA ECONOMIC ZONE APPROVED
 
According to a statement from the National Development and Reform Commission, the State Council recently approved a development plan for an economic zone consisting of major cities including Hohhot, Baotou and Ordos in Inner Mongolia autonomous region, Yinchuan in Ningxia Hui autonomous region and Yulin in Shaanxi Province. The development aims to build a national energy base and a water-saving plant within the area by 2020.  
 
CHINA BECOMES WORLD'S THIRD LARGEST TOURISM SPENDER
 
Chinese spenders have emerged as the third-biggest spenders in outbound tourism worldwide, a senior official of China's National Tourism Administration (CNTA) said on Wednesday. China has also been the third-largest tourism destination in the world, CNTA data shows. 
 
7 DAYS RECEIVES OFFER TO GO PRIVATE
 
According to Wall Street Journal, a group of investors has launched a bid to take over China-based hotel chain 7 Day Group Holdings, valuing the company at US$635 million. The 7 Days Group said investors led by the company's co-chairmen and founders, have offered US$4.23 per ordinary share and US$12.70 per American depository share in cash to take the company private. 
 
HORIZON HOSPITALITY DELAYS HK IPO
 
According to Wall Street Journal, sources stated that Li Ka-Shing's Horizon Hospitality (Holdings), a unit of Cheung Kong Holdings Ltd., is delaying the premarketing for its up to US$ 800 million Hong Kong initial public offering. Mr. Li's serviced-suites trust will cover four Horizon-brand properties in Kowloon and the New Territories. The gross rental area is 3.32 million square feet; spread among 4,833 typically two-bedroom suites. 

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