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(Ming Pao Evening News: September 22)
More than one consortium from Hong Kong are planning to build hotels in China and help China develop its tourist services. The development is beneficial to both sides. It will be difficult to imagine the rate of increase in the number of tourists to China after the country is fully open to visitors. Any tourist going to China will not miss the opportunity of staying in Hong Kong for one or two days.
(Kung Sheung Daily News: September 23)
The fact that some businessmen are rushing into investing in China demonstrates the existence of abundant capital in Hong Kong and there is an urgent need for outlets to absorb these funds.
(Hongkong Standard: October 19)
A group of Hongkong developers returned from China last week apparently satisfied with results of their talks with Chinese authorities to build a chain of hotels in the country.
They are among several large groups, including some in the United States, which are making bids to build hotels in China, following a new Chinese policy on tourist development.
Although it is not known how many hotels China plans to have, one belief is that
a target of 800 has been set.
In addition to the Sun Hung Kai group, other groups in Hongkong are believed to be making their own efforts to clinch deals. One of these groups is the Yip Hon Family, who have interests in Macao's casino business.
(South China Morning Post: November 10)
Americans have forged ahead of Hongkong property syndicates and have landed a major contract to develop a chain of tourist hotels in five major Chinese cities.
An initial agreement, valued at HK$2.25 billion, was concluded in Peking on Tuesday with Intercontinental Hotel Corpn, wholly-owned by Pan American World Airways.
The first three hotels will be built in Peking, Shanghai and Canton.
(Hongkong Standard: November 10)
Negotiations for the hotel project were arranged by China's authorised representative Henry Liu who is a professor in Virginia.
Mr. Liu will be the architect of the hotels, and an American construction company, Turner International, will be the contractor to build some or all of the hotels.
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