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Shanghai government is likely to merge Jin Jiang (Group) Holding Company and Shanghai New Asia Group, its two biggest hotel chains, to combat competition, Bloomberg News reported, citing South China Morning Post.
The report, quoting an unidentified New Asia official, had no mention of when this merger would take place. Jin Jiang, set up in 1984, has investments in more than 50 hotels across China with a total of 10,000 rooms, while Shanghai New Asia has 5,402 rooms in Shanghai and investments in 36 Kentucky Fried Chicken outlets and other Chinese restaurants. The new company will be called Jin Jiang Group.
(eastday.com April 28, 2003)
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