Aussie firm invests $600m in China
An AAP report says that Australian company Great Pacific Financial Group said it planned to invest more than $US500 million ($A600 million) in China over the next five years, mainly to open hotels.
Sydney-based Great Pacific, controlled by ethnic Chinese financier Alfred Wong, plans to open 30 Grand Pacific hotels in China to benefit from the country’s rapid economic growth and booming tourism market, the company said in a statement.
Its first hotel in China was opened in Shanghai in 2004.
China is expected to become the world’s number one tourist destination by 2020, according to a forecast by the World Tourism Organisation.
The market is already crowded with foreign hoteliers such as Accor, Marriott International and Shangri-La Asia and Great Pacific has so far invested more than 400 million yuan ($A62 million) in China, where its businesses range from hotels to power generation and semiconductors.
The company said it would also invest in energy and high-tech industries in China.
Great Pacific is also engaged in fund management, real estate investment, mining and business consulting, according to the company’s statement.
Report by The Mole
John Alwyn-Jones
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