In May, Jinjiang International Management Corp closed 14 of its 17 hotels in Shanghai for three months as its occupancy levels fell to about 10 per cent, reported South China Morning Post. China's biggest hotel management chain said the closures were due to renovation work.
According to the Shanghai tourism committee, income from foreign tourists has fallen by almost 80 per cent since March, despite the fact that the city has seen relatively few cases of Sars. Nationally, China could lose up to US$44bn from domestic and foreign tourism this year, said Shenyin Wanguo Securities analyst He Xiaoqui. His prediction was based on Sars being brought under control by July or August.