The Hong Kong-based luxury hotel group Shangri-La Asia plans to invest US$400m in China over the next four years in new hotels and an expansion of its existing property in Pudong. New hotels are planned in the Puxi area of Shanghai and in Fuzhou, capital of Fujian province.
"The Chinese economy is seen as quite insulated and the market has held up really well for us," explained Carmen Lam, group director of sales and marketing.
Shangri-La has 16 hotels in China and in coming months expects to open two more hotels in Zhongshan (Guangdong province) and Zhengzhou (Henan province). In January 2002, Shangri-La's China World Hotel will embark on a renovation programme.