Hanting Plans 270 Openings in 2012
China Lodging Group Ltd (Nasdaq: HTHT), a budget hotel operator commonly known as Hanting Inns, plans to open 260 to 270 hotels this year and will have more openings annually in the years to come, CFO Zhang Min told Reuters, adding that 55% of the new openings this year will be franchises, up from 50% last year, and the proportion will go up to two-thirds next year. Establishing a franchise does not cost the company much but will bring more benefits, Zhang said. Hanting was operating 675 hotels as of the end of March, 47.7% of which were franchises. Fees incurred from building directly-run hotels led to a ¥9.4 million net loss in Q1 2012.
JinkoSolar to Supply 50MW for Gansu Project
JinkoSolar Holding Co (NYSE: JKS), a Chinese integrated solar power product manufacturers, said it will provide modules for a 50MW solar project operated by state-owned renewable energy development company GSHHSD. Expected to come online within the year, the project marks a key contribution to China's renewable energy production goal of 15GW by 2015. Located in Zhangye, Gansu province, the solar project will contribute to the regional government-backed goals that aim to curb demand for fossil fuels by increasing renewable energy development through solar, wind, nuclear and hydropower.
Wuhan Department Store to Build ¥1b Mall
Wuhan Department Store Group Co (SHE: 000501) said it plans to invest ¥1 billion building a shopping complex in Wuhan, Hubei's provincial capital. Construction is expected to begin this year and finish by the end of 2014. The cost of the project is estimated to be recouped within 9.5 years including two years of construction.
$1 = ¥6.32