Companies

New World taps new cities

(China Daily)
Updated: 2010-11-04 16:01

Hong Kong-headquartered New World Hotel Group will spend around $770 million in the Chinese mainland to fuel its rapid expansion, the company's vice-president Zheng Zhiwen said on Wednesday.

"Our focus will be on second and third-tier cities that will be the growth engine for China's economic development in the future," said Zheng. The company, which has seven hotels on the mainland, plans to open another four from 2011 to 2014.