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Beijing hotel prices rise 8%

By Cruz Fang (
Updated: 2006-12-26 13:58

The average price for a night at a four or five star hotel in Beijing surged to RMB 896(US$115), an eight percent hike from last year, according to figures released from real estate consulting firm Jones Lang LaSalle. 

Profits from each room also grew seven per cent within the same period to RMB677(US$87) yuan.

According to Jones Lang LaSalle, the increase of inbound tourists is the biggest factor behind the hike. Over three million overseas tourists visited Beijing from January to November, 7,000 more than that of all of 2005.

Jones Lang LaSalle expects that 8,707 rooms will be provided in the hotel market before the 2008 Beijing Olympics.

Jones Lang LaSalle China branch vice president Wu Jiabao believed Beijing's strong economic momentum would create more space for a continuous development in the market, although it may be hard to avoid supply outweighing demand after the Olympic Games.