China’s Hotel Boom Fuelled by Dramatic Rise in Travel Industry
HONG KONG 22 July 2008 - Sino Express Travel Limited (OTC:SXPT) is encouraged by recent reports confirming China’s hotel boom. China, already the fourth most popular tourist destination, according to 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 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 (http://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. 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, 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.
Sino Express Travel Limited
Jinghui Wang, (86) 20-83346112