China Netcom Group has announced the sale of 5 hotels as part of a move to withdraw from the hotel industry before merging with China Unicom, Sina Technology said on October 14.
The hotels were named as the five star Beijing Xinyuan Hotel, the four star Litian hotels in Jinan and Qingdao, the four star Guo Mai Hotel in Qiqihar, and the three star rated Dongli Lake Holiday Village in Tianjin.
The hotels are to be sold on the Tianjin Property Rights Exchange Center but according to the center no transactions have been completed as yet.
The Beijing Xinyuan Hotel was originally a joint venture between Beijing Netcom and a company owned by Hong Kong magnate Li Ka Shing.
(China.org.cn by Jessica Zhang, October 14, 2008)
