中國(guó)飯店市場(chǎng)城市景氣分析報(bào)告

1、2010中國(guó)飯店市場(chǎng)都市景氣分析報(bào)告2010China Hotel Market Outlook（2009年度）1 INTRODUCTION 引言Recognized as one of the largest emerging economies in the world, China has demonstrated exceptional growth and growth prospects. Along with this expanding economy, Chinas hotel industry is experiencing unprecedented growth in

2、both demand and supply, which is having a profound impact on many markets and hotel investments. Increasing competitive market pressure and the recent global financial turmoil have caused many existing and potential hotel owners and investors to be more sensitive to the balance of demand, supply and

3、 the resulting financial impact. Hotel operators, trade associations, industry observers and regulators are increasingly concerned about market growth and competition and are closely monitoring market performance.中國(guó)目前差不多躋身于全球最大的經(jīng)濟(jì)體行列，并展示了出色的進(jìn)展速度和前景。隨著經(jīng)濟(jì)的進(jìn)展，中國(guó)酒店行業(yè)的供應(yīng)和需求也在往常所未有的速度增長(zhǎng)，這對(duì)諸多市場(chǎng)和酒店的投資都形成了深遠(yuǎn)

4、的阻礙。鑒于市場(chǎng)競(jìng)爭(zhēng)日益激烈，加上近期全球金融危機(jī)，許多現(xiàn)有和潛在的酒店業(yè)主和投資商都更為關(guān)注供需平衡及其財(cái)務(wù)阻礙。酒店治理公司、協(xié)會(huì)聯(lián)盟、行業(yè)研究和監(jiān)管機(jī)構(gòu)都開(kāi)始對(duì)市場(chǎng)的進(jìn)展和競(jìng)爭(zhēng)持有顧慮，并緊密關(guān)注市場(chǎng)表現(xiàn)。Against this backdrop, China Tourism Hotel Association , together with Jones Lang LaSalle Hotels, conducted a survey of hotel performance across China in the fourth quarter of 2009. This data wa

5、s combined with an analysis of macro-demand data and Jones Lang LaSalle Hotels in-house supply database to develop an analytical framework for assessing prospective demand and supply dynamics in 25 urban hotel markets over the next three years. 在此背景之下，中國(guó)旅游飯店業(yè)協(xié)會(huì)與仲量聯(lián)行酒店集團(tuán)，于2009年第四季度對(duì)國(guó)內(nèi)各地的酒店業(yè)績(jī)表現(xiàn)進(jìn)行了問(wèn)卷調(diào)查

6、。我們以調(diào)查所得宏觀需求數(shù)據(jù)和仲量聯(lián)行酒店集團(tuán)內(nèi)部的酒店供應(yīng)數(shù)據(jù)庫(kù)為分析框架，評(píng)估了25個(gè)都市酒店市場(chǎng)在以后三年的供應(yīng)和需求形勢(shì)。2 CHINA HOTEL MARKET REVIEW中國(guó)酒店市場(chǎng)回憶Hotel Performance酒店業(yè)績(jī)The survey collected hotel performance data for the recent three years as available at October 2009, including estimates for the full year of 2009.調(diào)查數(shù)據(jù)包括截至2009年10月的最近三年酒店業(yè)績(jī)表現(xiàn)和對(duì)200

7、9年全年的業(yè)績(jī)預(yù)測(cè)。A total of 112 hotels responded, representing 31,943 guest rooms. Amongst those responded, 38.4% were located in Northern China, 27.7% in Eastern China, 12.5% in Southern and Western China respectively and the remainder in the central part of the country. 26.8% of the properties were rated

8、 five-star, 42.0% four-star, 20.5% three-star and 10.7% were two-star, budget or non-rated properties. In terms of operating model, the majority of hotels (67.0%) were owner-managed, 22.3% were operated under a management agreement and 7.1% were operated under a franchise agreement. 55.4% of the pro

9、perties were state-owned, 18.8% privately-owned and 25.9% of the properties did not indicate the nature of ownership.本次問(wèn)卷調(diào)查共得到112家酒店的回復(fù)，共計(jì)31,943間客房。參與調(diào)查的酒店中，38.4%位于華北地區(qū)，27.7%位于華東地區(qū)，12.5%位于華南和西部地區(qū)，其余酒店位于華中地區(qū)。其中，26.8%為五星級(jí)酒店，42.0%為四星級(jí)，20.5%為三星級(jí)，其余10.7%則為二星級(jí)、經(jīng)濟(jì)型或未評(píng)星級(jí)的酒店。從經(jīng)營(yíng)模式來(lái)看，大多數(shù)酒店均由業(yè)主自行經(jīng)營(yíng)（67.0%），有22.

10、3%的酒店為托付治理，其余7.1%的酒店為特許經(jīng)營(yíng)。從所有權(quán)性質(zhì)來(lái)看，55.4%的酒店為國(guó)有性質(zhì)，18.8%為私營(yíng)企業(yè)，還有25.9%的酒店未明確答復(fù)所有權(quán)性質(zhì)問(wèn)題。Based on the results of the survey, hotel performance saw a visible decline across the country between 2007 and October year-to-date 2009.問(wèn)卷調(diào)查的結(jié)果顯示，從2007年到2009年10月底，全國(guó)各地酒店的業(yè)績(jī)都明顯下滑：Hotel Performance 酒店業(yè)績(jī)Hotel Performan

11、ce 酒店業(yè)績(jī)* 于2009年10月作出的全年預(yù)測(cè)* 于2009年10月作出的全年預(yù)測(cè)來(lái)源：仲量聯(lián)行酒店集團(tuán)，中國(guó)旅游飯店協(xié)會(huì)Hotel occupancies in the sample saw a continuous decline from 67.5% in 2007 to 60.1% by October 2009.從2007年到2009年10月底，調(diào)查樣本酒店的入住率從67.5%逐步下滑至60.1%。The Olympic Games had a generally positive impact on hotel room rates in 2008, which was par

12、ticularly obvious for hotels in Beijing. Reflecting the strong representation of Beijing properties in the sample, the sets average daily rates experienced a 9.3% spike in 2008 over 2007, but dropped by 21.6% in 2009 (October YTD) over the preceding year.2008年，奧運(yùn)會(huì)對(duì)酒店的房?jī)r(jià)有普遍的積極推動(dòng)作用，其中北京酒店市場(chǎng)特不明顯。由于北京的酒

13、店在調(diào)查樣本中所占比重較大，因此2008年樣本酒店的日平均房?jī)r(jià)比2007年上漲了9.3%，而2009年截至10月底則同比下降了21.6%。RevPAR decreased by an average of 12.6% per annum between 2007 and 2009 (Oct YTD).從2007年到2009年10月底，每間可出租客房收入年均下降了12.6%。Reasons for Decline 業(yè)績(jī)下滑的緣故Amongst the above data, most striking is the continuous decline in occupancy over the

14、 recent years that stand in stark contrast to the resilient economic growth of China over the same period. In fact, such occupancy decline has been caused by a variety of factors that has tipped the balance of demand and supply of lodging facilities and hotel financial performance across the country

15、 has been seriously impacted.從上述數(shù)據(jù)中能夠看到，近年來(lái)酒店的入住率持續(xù)下滑，與同期中國(guó)強(qiáng)勁的經(jīng)濟(jì)進(jìn)展形成了鮮亮的反差。事實(shí)上，入住率之因此下滑是因?yàn)橛兄T多因素觸動(dòng)了酒店業(yè)的供需平衡，引致全國(guó)各地的酒店業(yè)績(jī)表現(xiàn)都受到了嚴(yán)峻阻礙。Anecdotal evidence suggests that the following reasons caused hotel performance to decline: 相信下述因素導(dǎo)致了酒店業(yè)績(jī)的下滑：Global economic downturn: Hospitality markets derive part of t

16、heir demand from foreign sources and are inherently exposed to changes in the global economic climate. In response to revenue uncertainty of corporations across the globe, cost cutting measures have resulted in curtailed travel budgets. As frequency of travel and room rate budgets have been reduced,

17、 hotels saw declines in both occupancy and room rates. In particular, the MICE market was affected by budgetary pressures, since corporate spending on meetings, conferences and exhibitions is largely deemed discretionary. 全球經(jīng)濟(jì)趨弱：部分酒店業(yè)的需求來(lái)自國(guó)外客源，因此受到全球經(jīng)濟(jì)的阻礙。鑒于全球各大企業(yè)收益的不確定性，他們紛紛縮減差旅預(yù)算以節(jié)約開(kāi)支。因此，出差的次數(shù)和住宿預(yù)

18、算雙雙下落，酒店的入住率和房?jī)r(jià)也相應(yīng)走低。其中，由于企業(yè)在會(huì)議展覽和獎(jiǎng)勵(lì)旅游（MICE）方面的開(kāi)支通常差不多上酌情考慮而定的, MICE市場(chǎng)受預(yù)算壓力的阻礙尤為明顯。Unforeseen events: Between 2007 and 2009, many unforeseen events affected the travel industry in China. An unusually harsh winter in 2008 left Chinas south-eastern and southern regions in snow and ice, paralyzing trav

19、el to and from these parts of the country. Wenchuans earthquake in May 2008 not only destroyed travel and tourism infrastructure, but closed off one of the most common travel routes to Tibet. More importantly, the financial burdens of post-quake reconstruction efforts imposed constraints on governme

20、nt spending such as government travel budgets. Finally, unrest that took place in Xinjiang and Tibet affected demand for travel to these two tourism markets and some of the cities situated en-route, for instance Xian and Chengdu.不可預(yù)見(jiàn)事件：在2007到2009年間，國(guó)內(nèi)旅游業(yè)經(jīng)歷了許多不可預(yù)見(jiàn)的事件。2008年冬天，中國(guó)西南和華南大部分地區(qū)都經(jīng)歷了罕見(jiàn)的災(zāi)難性冰雪天

21、氣，來(lái)往這一地區(qū)的交通差不多癱瘓。2008年5月的汶川地震不僅損毀了當(dāng)?shù)氐穆糜魏突A(chǔ)設(shè)施，也阻斷了前往西藏的要緊旅游線路。更為重要的是，震后重建的財(cái)政壓力限制了政府差旅和其他開(kāi)支。另外，發(fā)生于2008年西藏拉薩的“3.14”打砸搶燒事件和2009年新疆的“7.5”事件也阻礙了兩地的旅游市場(chǎng)，以及該旅游線路上的都市，如西安和成都。In addition to factors affecting lodging demand, new hotel supply has increased pressure on hotel markets across the country:除了上述阻礙住宿需求

22、的因素之外，新酒店供應(yīng)量對(duì)國(guó)內(nèi)各地市場(chǎng)帶來(lái)的壓力也與日俱增：General supply growth: Many markets across China have seen increases in lodging supply in recent years. Internationally branded lodging supply in Chinas 25 key urban travel markets Please refer to the list of selected 25 cities in a later section of the report. Please r

23、efer to the list of selected 25 cities in a later section of the report. 25個(gè)都市的清單能夠參考本報(bào)告后續(xù)部分?？傮w供應(yīng)增長(zhǎng)：近幾年來(lái)，國(guó)內(nèi)許多市場(chǎng)的酒店供應(yīng)都有明顯增長(zhǎng)。在2005年，國(guó)內(nèi)25個(gè)要緊都市的國(guó)際品牌酒店供應(yīng)量為59,000間客房，而到2009年，這一數(shù)值已增至126,000間客房，年均復(fù)合增長(zhǎng)速度高達(dá)20.9%。供應(yīng)的增加激化了酒店間的競(jìng)爭(zhēng)，造成入住率下滑而使專門(mén)多酒店不得不采取降價(jià)措施以競(jìng)爭(zhēng)客源。High-profile events: The 2008 Beijing Olympiad, the 20

24、10 Shanghai Expo and the 2010 Asian Games in Guangzhou caused a concentration of hotel openings in the year of or prior to the event. This crowding of openings was caused by developers ambitions to cash in on expected business during the event, or anticipated growth of the respective markets after t

25、hese events.重大活動(dòng)：2008年北京奧運(yùn)會(huì)、2010年上海世博會(huì)和2010年廣州亞運(yùn)會(huì)都在活動(dòng)前夕或者當(dāng)年見(jiàn)證了密集頻繁的酒店開(kāi)業(yè)。眾多酒店集中開(kāi)業(yè)的緣故在于投資商期冀在活動(dòng)期間得到可觀的收益，或者這些市場(chǎng)在舉辦活動(dòng)之后的進(jìn)展前景看好。However, not all of the above factors have the same impact, and a clear distinction should be made between the severity, geographical extent and duration of impact of these fac

26、tors.然而，上述因素阻礙的嚴(yán)峻程度、地理范圍和持續(xù)時(shí)刻則大相徑庭。Impact on China Hotel IndustrySeverityGeographical extentDurationDemand factorsGlobal Economic CrisisHighNationwide,particularly east-coastMedium-TermWinter 2008LowRegionalShort-TermWenchuan EarthquakeMediumRegionalMedium-TermPolitical instabilityHighRegionalShort-

27、TermVisa restrictionsMediumRegionalShort-TermSupply factorsNew supplyHighNationwideLong-term對(duì)中國(guó)酒店業(yè)的阻礙嚴(yán)峻程度地理范圍持續(xù)時(shí)刻需求因素全球金融危機(jī)高全國(guó)范圍，尤其是東部沿海都市中期2008年寒冬中區(qū)域性短期汶川地震中區(qū)域性中期突發(fā)事件高區(qū)域性短期供應(yīng)因素新增供應(yīng)高全國(guó)范圍長(zhǎng)期Whilst the above demand-side factors had a more contained impact on hotel performance, new supply entering the m

28、arket is fundamentally changing the market over a more extended time frame. 上述與需求有關(guān)的因素對(duì)酒店業(yè)績(jī)的阻礙相對(duì)較為可控，而不斷入市的新增供應(yīng)則全然性地改變了中國(guó)酒店市場(chǎng)的供需平衡狀態(tài)。Hotel Supply 酒店供給阻礙Despite the above demand-related factors that have had more short-term or regional impacts, Chinas overall tourism market has been growing. The char

29、t below summarizes some key indicators of such growth trend:盡管上述需求因素帶來(lái)了短期或區(qū)域性的阻礙，然而中國(guó)總體的旅游市場(chǎng)依舊表現(xiàn)出了增長(zhǎng)勢(shì)頭。下表總結(jié)了增長(zhǎng)趨勢(shì)的要緊指標(biāo)： 來(lái)源：國(guó)家旅游局However, when compared to the results of the hotel performance survey, hotels in the corresponding regions experienced negative occupancy growth between 2007 and 2009, sugge

30、sting that other factors, such as the decrease of length of stay in some markets, besides tourism and economic growth, are impacting hotel occupancies. 然而，參照酒店業(yè)績(jī)的調(diào)查結(jié)果能夠發(fā)覺(jué)，這些區(qū)域?qū)?yīng)的酒店市場(chǎng)在2007到2009年間的入住率都經(jīng)歷了負(fù)增長(zhǎng)。這表明，除了經(jīng)濟(jì)和旅游進(jìn)展之外還有其他因素，如某些市場(chǎng)游客停留時(shí)刻的減少對(duì)酒店的入住率產(chǎn)生了阻礙。來(lái)源：仲量聯(lián)行酒店集團(tuán)、中國(guó)旅游飯店協(xié)會(huì)按生產(chǎn)總值排名按生產(chǎn)總值排名Between 200

31、5 and 2009, the countrys star-rated hotels increased from 11,828 to 14,639，up by 5.5% on average per annum. Over the same period, internationally branded hotel supply increased from 59,041 rooms to 126,100 rooms, indicating a 20.9% compounded annual growth. 從2005年到2009年，全國(guó)星級(jí)飯店的數(shù)量從11,828家增加到了14,639家（

32、全國(guó)旅游星級(jí)飯店評(píng)定委員會(huì)辦公室），年均增速為5.5%。同期，國(guó)際品牌的酒店供應(yīng)量從59,041 間客房增加至126,100間客房，年均復(fù)合增長(zhǎng)率達(dá)20.9%。Some additional facts to consider:此外，還有一些補(bǔ)充信息：Supply growth of internationally branded hotels has significantly outpaced growth in international tourism arrivals, indicating that these properties are compelled to target

33、and capture the domestic travelers. 國(guó)際品牌的酒店供應(yīng)增長(zhǎng)速度遠(yuǎn)遠(yuǎn)超過(guò)國(guó)際旅游人次的增速，表明這些酒店將不得不盡量贏取國(guó)內(nèi)游客。As at the end of 2009, the listed 25 cities counted a total existing stock of 126,100 internationally-branded guest rooms. Based on the most recent estimates by Jones Lang LaSalle Hotels, internationally branded guest

34、rooms supply in these cities will increase to 207,000 by 2012, corresponding to an average annual increase of 18.0%.截至2009年底，25個(gè)被選都市已有的國(guó)際品牌酒店供應(yīng)量共計(jì)達(dá)到126,100間客房。依照仲量聯(lián)行酒店集團(tuán)的最新預(yù)測(cè)，這些都市國(guó)際品牌酒店的客房供應(yīng)量將在2012年底前增加到207,000間，年均增長(zhǎng)速度達(dá)18.0%。3 HOTEL DEMAND FACTORS酒店需求驅(qū)動(dòng)因素In order to ascertain future impact of growin

35、g lodging supply on the market, Jones Lang LaSalle Hotels has conducted an analysis of some key hotel demand indicators that are relevant for urban hotel markets. These indicators encompass economic growth, foreign direct investment, traffic infrastructure, commercial real estate development and MIC

36、E demand.為確定不斷增長(zhǎng)的酒店供給以后對(duì)市場(chǎng)的阻礙，仲量聯(lián)行酒店集團(tuán)分析了若干與都市酒店市場(chǎng)相關(guān)的關(guān)鍵的酒店需求指標(biāo)。這些指標(biāo)包括經(jīng)濟(jì)增長(zhǎng)、外國(guó)直接投資、交通基礎(chǔ)設(shè)施、商業(yè)房地產(chǎn)開(kāi)發(fā)和會(huì)議、會(huì)展、獎(jiǎng)勵(lì)旅游需求。Economic Evolution Transforming Hotel Markets 經(jīng)濟(jì)進(jìn)展改變酒店市場(chǎng)Chinas rapid economic growth since the beginning of the economic reform has driven the development of the larger China market, not only

37、 as the workshop for global exports, but also with increasing importance as one of the worlds most promising consumer markets. Between 1980 and 2009, Chinas Gross Domestic Product increased 72.4 times (compound annual average change (CAAC) of 16.0%), while over the same period, mature markets, such

38、as United States, experienced a GDP growth of only 5.1 times (CAAC: 5.8%). This rapid development of the Chinese economy has engendered growth of Chinas tourism market in both the leisure and corporate segments.自改革開(kāi)放以來(lái)，中國(guó)快速的經(jīng)濟(jì)增長(zhǎng)帶動(dòng)了更大的中國(guó)市場(chǎng)的進(jìn)展，使中國(guó)不只是世界出口工廠，更是日益重要的世界最具增長(zhǎng)潛力的消費(fèi)市場(chǎng)之一。1980年和2009年間，中國(guó)國(guó)內(nèi)生產(chǎn)總值（

39、GDP）增長(zhǎng)了72.4倍（復(fù)合年度增長(zhǎng)率為16.0%）。而同期，成熟的市場(chǎng)，如美國(guó)的GDP僅增長(zhǎng)了5.1倍（復(fù)合年度增長(zhǎng)率為5.8%）。中國(guó)經(jīng)濟(jì)的快速增長(zhǎng)帶來(lái)了中國(guó)旅游市場(chǎng)，包括休閑旅游和商務(wù)旅游市場(chǎng)的增長(zhǎng)。Economic output and leisure travel activity經(jīng)濟(jì)產(chǎn)出與休閑旅游活動(dòng)Growth in Chinas disposable income and its emerging middle class has been the largest driver of domestic travel. Over the most recent ten year

40、s between 1999 and 2009, Chinas per capita average disposable income increased from RMB 5,854 to RMB 17,175, marking an 11.4% average annual growth. Over the same period, domestic tourism arrivals grew at an average of 10.2% annually with spending up 3.1% on average per year, only marginally higher

41、than inflationary trends over this period. This resulted in growth in nationwide domestic tourism receipts in the order of 13.7% annually. As of now, this growth has been more volume than spending driven. 中國(guó)可支配收入的增長(zhǎng)及中產(chǎn)階層的出現(xiàn)成為國(guó)內(nèi)旅游最大的驅(qū)動(dòng)力。1999年至2009年的過(guò)去十年間，中國(guó)人均可支配收入從人民幣 5,854元增長(zhǎng)至 17,175元，年均增長(zhǎng)率達(dá)11.4%。同期

42、，國(guó)內(nèi)旅游者人數(shù)年均增長(zhǎng)率為10.2%，人均旅游花費(fèi)年均增長(zhǎng)3.1%，僅略高于這一時(shí)期的通貨膨脹率。這使得全國(guó)國(guó)內(nèi)旅游收入每年增長(zhǎng)約13.7%。到目前為止，國(guó)內(nèi)旅游收入的增長(zhǎng)更多的是得益于旅游者人數(shù)的增長(zhǎng)而不是人均花費(fèi)的增長(zhǎng)。Economic output and corporate travel activity經(jīng)濟(jì)產(chǎn)出與商務(wù)旅游活動(dòng)As an indicator of output, i.e. business activities, GDP growth generally correlates with hotel demand in the corporate sector in u

43、rban markets. The table overleaf summarizes the GDP and growth between 2005 and 2009 for the 25 urban tourism markets. 作為經(jīng)濟(jì)產(chǎn)量的指標(biāo)，即商務(wù)活動(dòng)，GDP增長(zhǎng)一般與都市的商務(wù)酒店需求相關(guān)。下頁(yè)表格總結(jié)了2005年至2009年間25個(gè)旅游市場(chǎng)的GDP和GDP增長(zhǎng)水平。區(qū)域生產(chǎn)總值2009年區(qū)域生產(chǎn)總值復(fù)合增長(zhǎng)2005年至2009年來(lái)源：都市統(tǒng)計(jì)局All of the above 25 urban hotel markets have achieved double-digit

44、 economic growth over the four years between 2005 and 2009, with Changchun, Xian, Chongqing, Shenyang, and Dalian leading the pack.以上25個(gè)都市酒店市場(chǎng)在2005年至2009年的四年間均實(shí)現(xiàn)了兩位數(shù)的經(jīng)濟(jì)增長(zhǎng)，長(zhǎng)春、西安、重慶、沈陽(yáng)和大連增長(zhǎng)率位居前列。Chinas efforts to promote the structural change of its urban economies are likely to be a key growth driver

45、 of corporate travel demand moving forward. The growth of the countrys tertiary sector next to a relatively established secondary sector has potential to bring along greater volumes of business travel, as some industries, such as professional and financials services, typically have a greater need fo

46、r travel and enjoy higher travel allowances than the manufacturing sector.中國(guó)加強(qiáng)都市經(jīng)濟(jì)結(jié)構(gòu)改革的努力大概是商務(wù)旅游需求增長(zhǎng)的要緊驅(qū)動(dòng)力。與相對(duì)成熟的第二產(chǎn)業(yè)相比，中國(guó)第三產(chǎn)業(yè)的增長(zhǎng)具備帶來(lái)更多商務(wù)旅游的潛力。一些產(chǎn)業(yè)，如專業(yè)服務(wù)和財(cái)務(wù)服務(wù)，一般能夠產(chǎn)生更多的差旅需求，并比制造業(yè)享有更高的差旅補(bǔ)助。2009年都市產(chǎn)業(yè)結(jié)構(gòu)來(lái)源：都市統(tǒng)計(jì)局2005-2009第三產(chǎn)業(yè)復(fù)合增長(zhǎng)率來(lái)源：都市統(tǒng)計(jì)局Reflective of their advanced stage of development, all of the tier

47、one cities, Beijing, Shanghai, Guangzhou and Shenzhen have a relatively large and developed tertiary sector. Amongst tier two cities, Xian, Nanjing, Jinan and Xiamen, Wuhan and Chengdu have the biggest proportion of tertiary sectors. 所有一線都市，北京、上海、廣州和深圳的第三產(chǎn)業(yè)總量都相對(duì)較大且更先進(jìn)，反映了這些都市在進(jìn)展中所處的較領(lǐng)先時(shí)期。二線都市中，西安、南京

48、、濟(jì)南、廈門(mén)、武漢和成都的第三產(chǎn)業(yè)所占比重較大。Over the last four years, Xian, Suzhou, Tianjin and Wuhan, recorded particularly rapid growth in the tertiary sector, suggesting further growth in lodging demand.過(guò)去四年內(nèi)，西安、蘇州、天津和武漢第三產(chǎn)業(yè)進(jìn)展尤其迅速，表明了住宿需求的進(jìn)一步增長(zhǎng)。Foreign Direct Investment (FDI) 外國(guó)直接投資Inbound travel has seen rapid grow

49、th alongside the opening-up of Chinas economy and the surge of foreign investment activities in tier one and two cities. Despite the growing importance of the domestic market, international corporate travelers remain an important source of demand for high-end properties.隨著中國(guó)經(jīng)濟(jì)的對(duì)外開(kāi)放和一線及二線都市外國(guó)投資活動(dòng)的猛增，

50、海外入境旅游快速進(jìn)展。盡管?chē)?guó)內(nèi)市場(chǎng)的重要性日益提高，國(guó)際商務(wù)旅游者仍是高端產(chǎn)品的重要需求來(lái)源。Whilst foreign investors initially regarded China an attractive location for export-oriented manufacturing activities, they soon realized that the rapidly emerging Chinese domestic market offered more opportunities. Nationwide, FDI had grown 7.1% over t

51、he past ten years between 1999 and 2009, reaching a total of RMB 90 billion in 2009. However, most recently, through a number of policy initiatives such as the 2007 Catalogue Guiding Foreign Investment in Industry, the new Enterprise Income Tax Law and the new Labour Contract, foreign investment was

52、 strated to be redirected towards high-technologies, research and development, regional headquarters and the service sector. Over the recent two years, Beijing and Shanghai have announced investment incentives emulating each others efforts to become the location of choice for multinational companies

53、 headquarters. At the same time, tier two cities such as Changsha, Chengdu, Hefei Tianjin, Wuhan and Xian offer talent pools from leading higher-education institutions at attractive labour costs and therefore have increasingly become the focus of foreign investment. 盡管外國(guó)投資者最初視中國(guó)為有吸引力的出口導(dǎo)向的制造工場(chǎng)，但他們專門(mén)

54、快意識(shí)到中國(guó)國(guó)內(nèi)市場(chǎng)的快速興起提供了更多的機(jī)會(huì)。1999年至2009年的過(guò)去十年間，全國(guó)的FDI增長(zhǎng)了7.1%，于2009年達(dá)到總額人民幣900億元。然而，通過(guò)外商投資產(chǎn)業(yè)指導(dǎo)目錄(2007年修訂)、新的企業(yè)所得稅法和新的勞動(dòng)合同等一系列政策措施，國(guó)家有關(guān)部門(mén)最近開(kāi)始將外商投資活動(dòng)引導(dǎo)向高科技、研發(fā)、區(qū)域總部和服務(wù)業(yè)。最近兩年內(nèi)，北京和上海都公布了投資促進(jìn)政策，互相仿效以成為跨國(guó)公司總部所在地。同時(shí)，二線都市如長(zhǎng)沙、成都、合肥、天津、武漢和西安則以有吸引力的人力成本從全國(guó)前列的高校中吸引大量人才，從而日益成為外國(guó)投資關(guān)注的焦點(diǎn)。For cities that are able to attra

55、ct foreign investments and perform the transition from secondary into tertiary sectors, FDI can be a good indicator for growth opportunities in hotel demand, especially in less rate-sensitive business segments.關(guān)于能夠吸引外國(guó)投資，并從第二產(chǎn)業(yè)轉(zhuǎn)化至第三產(chǎn)業(yè)的都市，F(xiàn)DI成為酒店需求，尤其是價(jià)格敏感度較低的商務(wù)需求增長(zhǎng)潛力的良好指標(biāo)。Traffic Infrastructure Incr

56、easing Mobility 交通基礎(chǔ)設(shè)施 增長(zhǎng)的流淌性Infrastructure provides an important means to carry and facilitate travel and tourism activities. Improved access in roads, rail, airports, ports, for instance, generally promotes economic activities and mobility, which in turn generates travel and hotel demand. However,

57、 in some cities, the improvement of infrastructure does change the source of demand, which in turn decreases the hotel demand in short term. 基礎(chǔ)設(shè)施為差旅和旅游活動(dòng)的便捷進(jìn)行提供了重要途徑。例如道路、鐵路、機(jī)場(chǎng)、港口可及性的改善，均能增強(qiáng)經(jīng)濟(jì)的活躍度及流淌性，從而制造旅游及酒店需求。但在某些市場(chǎng)，交通便利性減少了游客的停留時(shí)刻，使得這些市場(chǎng)的酒店需求在短期內(nèi)有所減少。At the end of 2009, China counted 65,000 kil

58、ometers of expressways, 85,500 kilometers of railroad tracks and a total of 165 airports. Private car ownership reached 26 million and airports and railroads together transported an aggregate of 2 billion passengers. 截至2009年底，中國(guó)共有高速公路65,000公里、鐵路85,500公里以及165個(gè)機(jī)場(chǎng)。私人車(chē)輛保有量增長(zhǎng)至2600萬(wàn)輛。機(jī)場(chǎng)、公路旅客吞吐量之和達(dá)20億人次。Ca

59、pacity in 20092009年總量Construction in 20092009年新建Capacity by 20202020年總量Expressways 高速公路65,000 公里4,300 公里85,000 公里Railroads 鐵路85,500 公里5,500 公里120,000 公里Airports 機(jī)場(chǎng)1668244 來(lái)源：交通部、民航總局、鐵道部、統(tǒng)計(jì)局、仲量聯(lián)行酒店集團(tuán)Owing to further improvements in traffic infrastructure, Chinas tourism markets are undergoing dramat

60、ic changes. Among Chinas RMB 4 trillion stimulus package initiated from 2008, RMB 180 billion were allocated to traffic infrastructure development. By 2020, the country plans to expand national expressway networks to 85,000 kilometers, railroad networks to 120,000 kilometers, and to construct an add