China to invest over $500 bn in tourism sectorJune 20th, 2012 - 3:47 pm ICT by IANS
Beijing, June 20 (IANS) China will invest up to 3.2 trillion yuan (around $503 billion) in the tourism sector this year, experts have said.
Liu Feng, founder of the Beijing Davost Intelligence Group, an intelligence provider on tourism, said this at the 2012 China Tourism Projects Investment Conference in Beijing, the China Daily reported Wednesday.
China earned close to two trillion yuan ($315 billion) in tourism revenue in 2011, the daily said.
Zeng Xiaocheng, CEO of tourism website 54588.com, said that in the first quarter of 2012, real estate investment in the tourism sector reached 260 billion yuan ($41 billion).
This was more than 20 percent of the total investment of 1.1 trillion yuan in real estate in China, he said.
Tourism property development has become a much sought after activity in the past few years, said Wen Jianwu, president of a consultancy firm.
Chen Fang, a strategic planner for many tourism projects in China, however, warned that tourism needs huge investment, but it takes a long time for investors to get their money back and make profit.
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