China's Hotel Boom Fuelled by Dramatic Rise in Travel Industry.HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. -- Sino Express Travel Limited (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :SXPT) is encouraged by recent reports confirming China's hotel boom. China, already the fourth most popular tourist destination A tourist destination is a city, town or other area the economy of which is dependent to a significant extent on the revenues accruing from tourism. It may contain one or more tourist attractions or visitor attractions and possibly some "tourist traps". , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the World Tourism Association, is expected to move to the second position within a decade and surpass the U.S. as the world's most-visited country by 2020 with some 130 million visitors a year. The number of domestic tourist soared to 1.61 billion in 2007, an increase of 15.5% from 2006. China's hotel industry shows strong momentum; according to China Statistical Yearbook, the number of hotels in China increased at an average annual growth rate of 20.12% for the period 1998 - 2006. China had 12,751 star-rated hotels in 2006 and could reach over 15,000 by the end of 2007. There were 1,689 budget hotels with over 180,000 guest rooms in 2007. The hotel occupancy Noun 1. hotel occupancy - occupancy rate for hotels occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time rate had been consistently high over the years (66-70% for three to five-star hotels and 88-92% for budget hotels). From these reports, Sino believes there is ample demand to fill more hotel rooms. Sino has previously announced development plans for its Southern Silver Resort & Beach property in Yangjiang and a potential property acquisition in Chengdu for hotel renovation. Sino will continue its search for high value properties in good locations that are close to scenic spots or tourist destinations, and it is looking at some targets in Hunan and Xian. About Sino Express Travel Limited Sino Express Travel Limited (www.sinoexpresstravel.com) is an investor and developer of scenic spots and tourist destinations in China. Sino intends to grow its business by acquiring and operating a diversified portfolio of resort hotels and tourist attractions Noun 1. tourist attraction - a characteristic that attracts tourists attractive feature, magnet, attractor, attracter, attraction - a characteristic that provides pleasure and attracts; "flowers are an attractor for bees" . It plans to search for good value targets at suitable locations in China with high potential for further development in the areas of scenic, cultural and historical extensions. Forward looking statement Certain information contained in these materials is "forward-looking" information, such as projections, estimates, pro formas As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma , or statements of intentions, expectations or plans. All forward-looking information is subject to known and unknown risks and uncertainties, many of which are outside of the control of the company. Consequently, actual results may, and probably will, differ materially from the results contemplated in such forward-looking information. |
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