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Jinjiang International Hotels Profit Rises 13% on More Tourism
Aug 28, 06 1:57 am
(Bloomberg) -- Shanghai Jinjiang International Hotels Development Co., China's largest hotel operator, said first-half profit rose 13 percent because of increasing tourism to the country's largest commercial city.
Net income rose to 97.7 million yuan ($12 million) in the six months to June 30, or 0.162 yuan a share, from last year's 86.1 million yuan, or 0.1427 yuan a share, the company said in a statement to the Shanghai Stock Exchange today, citing domestic accounting standards. Sales rose to 466.2 million yuan from 424.5 million yuan.
Hotel operators including Accor SA and Jinjiang, which operates Shanghai's 100-year-old Peace Hotel, are tapping rising demand for rooms in the world's most populous nation. China's travel industry may grow 23 percent to $301 billion this year to become the world's third-largest after the U.S. and Japan, the World Travel & Tourism Council said in April.
"The company gained from higher room rates for its hotels which rose about 3 percent in the first half,'' said Zhao Xueqin, analyst of Citic Securities Co. in Shanghai before the earnings announcement. Jinjiang's 2006 profit may rise to 202 million yuan, or 0.335 yuan a share, according to Zhao's estimate.
Jinjiang's local-currency shares rose 1.4 percent to close at 8.58 yuan on Aug. 25. They have gained 28 percent this year, while the Shanghai Composite Index has risen 29 percent.
Room Rate
Average room rates for four- and five-star hotels in Shanghai, where Jinjiang International is based, rose 1.4 percent to 1,164 yuan per night in the first six months of 2006, compared with last year, Jones Lang LaSalle Hotels said.
"The strong national and local economies will drive corporate demand for the upper-tier hotels in China's big cities like Shanghai and Beijing,'' said Andreas Flaig, executive vice president of Jones Lang LaSalle Hotels.
"Shanghai has the added advantage of being one of the most important cities in Asia, together with the likes of Hong Kong and Tokyo, where rates of luxury hotels are significantly higher,'' Flaig said on Aug. 24.
Jones Lang LaSalle Hotels estimated that 8,527 rooms will be added to Shanghai's hotel sector from 2006 to 2008 ahead of the 2008 Olympic Games in Beijing and the 2010 World Expo in Shanghai.
"This increase in room inventory will place some pressure on occupancy levels as the industry consolidates but we expect hotels to stay profitable with continued room rate growth supported by the strong local economy,'' Flaig said.

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Singapore can be Paris of Far East, former leader says
Aug 28, 06 1:57 am
By Y. Sulaiman - eTN Asia
A former leader of Singapore has said Singapore can compete with other destinations by transforming itself as the “Paris of Southeast Asia,” offering more “fun and buzz” into its nightlife.
"We must have more of like what we have at Clarke Quay," said Singapore’s founding father Lee Kuan Yew. Lee, who was prime minister of the island nation from 1950 to 1990, retains his influence over the nation’s policies long after he has stepped down.
Lee told Singaporeans, the island nation needs to move ahead and compete to keep jobs from “migrating” out of Singapore. "The Singapore we have now which is very orderly, safe, wholesome and very clean is not good enough,” Lee said.
"The entertainment industry, which will include the Sands Integrated Resort coming up in Marina Bay and another on Sentosa Island, will create more jobs for Singaporeans, including for the older, less-educated jobseekers."
Lee who had opposed the island state going into the gambling industry during his administration said tourists today want entertainment. "People wine and dine till five in the morning. The sector will create more jobs for school levers and the country can create job opportunities in the tourism sector."
"We can't offer beaches, forests, lakes and the seaside like Thailand, Malaysia, Indonesia and the Philippines," he added. "But we can be the Paris of Southeast Asia."
The former prime minister also said, the Singapore brand name has also successfully exported its expertise in the travel and tourism industry by being appointed as consultant for upgrading and administration works at the Sheremetyevo Airport in Moscow and development of the 250sqkm Changxing Island in China's Liaonong province.

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