Economy
Most central enterprises to retreat from hotel market
By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2010-01-26 16:45
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China urged most central State owned enterprises (SOE) to leave the hotel business to strengthen their main advantages in different industries, nbd.com.cn reported today.
The central SOEs that aren't running hotels as their main business are not permitted to build new hotels, and are required to get rid of their hotels in the coming 3 to 5 years, according to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).
The total hotel assets of China's central SOEs are worth an estimated 100 billion yuan ($14.6 billion).
Ownership of the newly available hotels will be transferred to enterprises that are primarily in the hotel business, according to SASAC.
