Tourism helps China hotel sector, despite slow economy
Tourism statistics showed a healthier landscape for China in 2018, despite posting the slowest economy in 28 years, reported Knight Frank. China’s economy grew 6.6 percent in 2018.
Among all major cities in the Greater China region, Shanghai, Hong Kong and Macau had the best hotel performance in 2018.
The Shanghai hotel market reached another peak since the World Expo in 2010, with a surge in hotel demand, mainly because of the China International Import Expo. Thanks to the record-breaking number of tourism arrivals and increase in overnight visitors to Hong Kong, both the hotel occupancy rate and the average daily rate of hotels in the city enjoyed positive growth. Macau recorded 7.2 percent year-over-year growth in the number of international overnight visitors, which helped boost local hotel demand.