Shangri-La Asia residential rate falls 6% to 7% in first four months

Ye Longfei, chairman of Shangri-La Asia (0069), said as the US economy was slowing down, the residential rate of the group in Hong Kong hotels dropped 6% to 7% during the first four months of this year vs the same period of last year, while its renting price went up 10%. Nevertheless, Mr Ye claimed the residential rate of the group in China mainland hotels increased steadily.

He continued to state that the main revenue of the group came from the mainland and the salary of the working staff represented the most part of the cost. He also added that besides the five hotels managing contracts, the company was also seeking other opportunities in Hong Kong and overseas.

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