Occupancy rates at Beijing hotels plunge
Posted on Friday, June 20th, 2008 | In Asia, China, Current Market News, Stocks to Watch
Contributed by: Tony Sagami (http://blogs.moneyandmarkets.com/blog/china-and-asia-stock-alert) -
The Chinese government has severely limited the issuance of tourist and business visas to protect the Olympics from terrorists.
As a result, the hotel business is pretty weak in Beijing.
“Business is so bleak,” said Di Jian, the sales manager at the Capital
Hotel in Beijing. “Since May, very few foreigners have checked in. Our
occupancy rate has dropped by 40 percent.”
And hotels are required to give detailed information about their foreign guests to the Chinese government. China is a fantastic country but it is still very much controlled by the Communist Party.
This may not be the time to invest in Chinese hotel companies, like Home Inns.
Last 5 posts by Tony Sagami
- World Bank Calls China: A “Ray of Hope” - April 14th, 2009
- Even Walt Disney Couldn’t Have Imagined This … - April 9th, 2009
- Following the Warren Buffett of China - February 17th, 2009
- Gaming stocks down on their luck - January 20th, 2009
- Japan: worst stock market drop in history - December 31st, 2008
 About Tony Sagami (http://blogs.moneyandmarkets.com/blog/china-and-asia-stock-alert)
Tony Sagami, a veteran investment advisor and a leading expert on Asian markets, is the owner and founder of Harvest Advisors, an investment research and money management company. Mr. Sagami has been managing money for more than 20 years and is one of the early pioneers in the application of technical and quantitative analysis to mutual funds and stocks. He is a featured contributor to Weiss Research’s daily e-letter, Money and Markets and monthly Safe Money Report as well as the editor of Asia Stock Alert. Prior to establishing his own firm, Mr. Sagami was managing director at W.E. Donoghue & Co, serving additionally as the director of investment. During his successful career, he also held the position of account executive at Merrill Lynch. Mr. Sagami’s views on Asian markets, specifically Chinese investments, have been featured in publications such as The Wall Street Journal, Barron’s, Kiplinger’s, Smart Money, Business Week, New York Times, Washington Post, Investors Business Daily, Bloomberg, Financial Planning Times, Mutual FundsMagazine, Chicago Tribune, and the LA Times, as well as on CNBC and CNBC Asia. Mr. Sagami holds a degree in economics from the University of Washington. |
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