tcook052
Jul 13, 09, 10:09 pm
http://www.tradingmarkets.com/.site/news/Stock%20News/2416779/
[i]The world-known luxury hotel operator Fairmont Hotels & Resorts yesterday announced the cooperation with Reignwood Group on the establishment of their joint-venture hotel in the central business district (CBD) of Beijing. Fairmont Hotels & Resorts has a history of more than one century with its operations mainly in North America. Reignwood Group, formed by Dr. Yan Bin, an overseas Chinese, in Thailand in 1984, has made a strong presence in such fields as sports, property development & management, functional beverages, hospitality, lifestyle and mining.
Obviously, both sides have been attracted greatly by the huge catering market of Beijing. The retail value of the market jumped 18.8% from a year earlier to CNY 3.94 billion in May 2009, and the total sales revenue for the period from January to May amounted to CNY 18.82 billion, rising 13.3%.
In the first four months of this year, high-grade business restaurants incurred a sales volume decrease of at least 10%, according the Ministry of Commerce. In May, however, their sales volume tended to go up.
[i]The world-known luxury hotel operator Fairmont Hotels & Resorts yesterday announced the cooperation with Reignwood Group on the establishment of their joint-venture hotel in the central business district (CBD) of Beijing. Fairmont Hotels & Resorts has a history of more than one century with its operations mainly in North America. Reignwood Group, formed by Dr. Yan Bin, an overseas Chinese, in Thailand in 1984, has made a strong presence in such fields as sports, property development & management, functional beverages, hospitality, lifestyle and mining.
Obviously, both sides have been attracted greatly by the huge catering market of Beijing. The retail value of the market jumped 18.8% from a year earlier to CNY 3.94 billion in May 2009, and the total sales revenue for the period from January to May amounted to CNY 18.82 billion, rising 13.3%.
In the first four months of this year, high-grade business restaurants incurred a sales volume decrease of at least 10%, according the Ministry of Commerce. In May, however, their sales volume tended to go up.