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722 New Hotels Under Construction In China
2009. 10 June
(bizchina-update.com) "There is mounting evidence that the precipitous economic declines in many countries in Asia Pacific may be close to ending. A bottom line is likely forming, hopefully to be followed by a modest recovery," is the rather dramatic statement introducing U.S.-based consulting firm Lodging Econometrics' new report on hotel development in Asia.
To prepare for the predicted upswing, China - the report says - is investing considerable funding into infrastructure, including the building of new hotels.
"According to the report, China had 722 hotel projects under construction at the end of the first quarter of 2009, totaling 189,216 rooms. India ranks second in the region, with 166 projects and 31,879 rooms, with southeast Asia combined accounting for 147 hotel projects and 35,576 rooms.
"Significantly, 75 per cent of China's hotel pipeline projects and 73 per cent of rooms are already under construction, the highest ratio in the world. Most are planned to open in 2009 and 2010 in time for the 2010 World Expo in Shanghai, "the report says." Thereafter, lodging development in China is expected to moderate considerably, as the goal becomes the absorption of the unprecedented surge of new supply that came online throughout the decade from a pipeline seeded years earlier."