Foreign interest is ramping up in China’s hotel industry, and not just from international chain operators. U.S. buyout firm Carlyle is reportedly in talks with Hangzhou-based New Century Tourism Group to invest in the largest Chinese privately run hospitality firm.
Newspaper reports suggest that the Chinese company has already received
RMB340m as a first-phase investment from Carlyle, and expects to
receive the remainder of the USD100m promised by Carlyle early next
year.
The China Business News quoted New Century Chairman, Chen Miaolin, as
saying that New Century plans to list in Hong Kong in 2008 or 2009, and
wants to increase the number of its hotels in China from 20 to 35 by
2010. New Century runs hotels in the wealthy southeastern province of
Zhejiang, Beijing and Shanghai, the eastern province of Jiangsu and
Henan province in central China.
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