[photopress:hotelsview_1.jpg,full,alignright]How well will the hotel business do? Pretty well if you think of it as a percentage of hospitality sales.
The Ministry of Commerce predicts China’s hospitality industry sales will hit RMB1.07 trillion ($125 billion) this year. There has, according to the figures, been robust growth over the first nine months, with retail sales reaching RMB749.3 billion, up RMB102 billion on the same period a year ago. This is before the Olympic Games and before the Shanghai World Expo of 2010. So we will need to get used to the word trillion. It will come up a lot.
Speaking for the ministry Chong Quan said hospitality retail sales accounted for 13.6 percent of the country’s total consumer retail sales from January to September. He said the industry contributed to 15.6 percent growth in the nation’s consumer retail sales in the third quarter.
During the nine-month period, 804 new overseas-invested hospitality enterprises were created which is an amazing number even if it is down 6.2 percent. $550 million foreign funds were consumed, a rise of 38 percent.
Source: Xinhua