[photopress:Jinjiang_Budget_Hotels.gif,full,alignright]Jin Jiang International Hotels (which has justs signed for international representation by Expedia) is putting RMB1.38 billion (US$177 million) into a budget hotel unit to help its expansion. The money, in the main, comes from its initial public offering on the Hong Kong stock exchange which raised about RMB2.4 billion.
Jin Jiang will inject RMB1.1 billion and its 50.15%-owned unit, Shanghai Jin Jiang International Hotels, will inject RMB275 million, mainly in hotel assets and equity, into the budget hotel arm.
The company operates 78 budget hotels with 11,043 rooms and six landmark hotels. It also owns interests in, or manages 44 luxury hotels in China and 23 two- to three-star commercial hotels in the country.
Source: Shanghai Daily