Inteko plans to build a hotel chain in China
// Hotel Business
Elena Baturina’s Inteko company intends to join in Chinese real estate market. The company plans to invest up to $400 million into building a hotel chain. Tourism market experts say there is a shortage of hotels in China, while developers consider large investment into China’s economy risky.
Inteko company intends to invest some $400 million into developing hotel business in the Asia-Pacific region, first of all – in China. Experts interviewed by Kommersant believe that $400 million will be enough to build 8-12 hotels in China.
Inteko produces plastic items and construction materials, alongside developing. Elena Baturina owns 100 percent of shares. The company’s annual turnover reached nearly $1 billion in 2005.
The demand for business tours, recreation and sightseeing tours to China is rapidly growing. It is partially due to the fact that Chinese authorities control the country’s tourism industry and prevent prices from increasing too fast. Meanwhile, there are not enough hotels in the country.
Markets of such Asian countries as China and Vietnam are good for developing hotel business. This is not the first Inteko’s project outside Russia. The company began building a business-center in Astana on Friday. The cost of the project is $100 million.
Dmitry Kryazhev, Sergey Sobolev
All the Article in Russian as of Sep. 25, 2006
|
