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The Jinjiang International Group Co. Ltd., the largest hotel group in China, was established in Shanghai on Monday from a conglomeration of state-owned hotels.
Chen Liangyu, secretary of the Shanghai Municipal Committee of the Communist Party of China, launched the group, which is composed of 71 hotels and office buildings in 14 provinces, autonomous regions and municipalities in China with a registered capital of 2 billion yuan (240 million US dollars) and total assets of 15 billion yuan (1.8 billion dollars).
Yu Minliang, chairman of the Jinjiang International Group, said formation of the group would avoid increase efficiency. The group would learn from the experience of its counterparts in other countries, take an active part in international cooperation and competition and strive to be one of the world's top 30 hotel groups in three to five years.
(Xinhua News Agency June 10, 2003)
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