is experiencing significant
growth in food markets, stemming from consistent strong economic
growth as well as the high emphasis on tourism. Given the growth
in demand and projected food sales in Asia, multinational food
retailers and manufacturers are expected to increasingly focus
on those markets. The top markets of Asia import over US$ 1.3
billion worth of wine.
In addition to the new construction of hotels, existing hotels
are being refurbished to greet the growing tourism business
in Asia. The whole market is dynamic -- the demand for a wider
variety of foodstuffs, better restaurants as well as luxury
goods can be foreseeable in coming years.
| In China |
| • |
China’s
GDP expected to rise 9.9 percent every year, the world’s
largest food market is seeing trend towards high-end products
and experiences. |
| • |
There is multi-billion investment
in the hospitality and tourism sectors – US$ 1 billion
from Shangri-La Asia, over US$200 billion for the Beijing
Olympics |
| • |
Major international hotel chains
like InterContinental Hotel Group (IHG), Shangri-La, Marriot
and Accor are looking to increase their portfolio in China
with an estimated total of 194 new hotels by 2010 |
| |
| In Hong Kong |
| • |
The GDP
climbed 6.6 percent in the first half of 2006. |
| • |
Projected figures see 35 new hotels
with 14,900 rooms built by 2010 |
| • |
Market for gourmet food is well
established with retailers like Oliver’s and Great |
| • |
Hong Kong Ocean Park’s US$711
million revamp will include 3 new hotels, to begin in
2006 with the first stage completed by 2008 and second
stage in 2010 |
| |
| In Macau |
| • |
Macau
- The Las Vegas of Asia takes on a rapid and extensive
development of its hotel-casino industry projected to
last for at least the next 10 years |
| • |
More than 66,000 hotel rooms to
be added in the next 10 years |
| • |
Casino developments will be of more
than US$ 160 billion investment |
| • |
6–star Park Hyatt Hotel projected
to be completed by 2007 |
| • |
MGM Grand Macao US$ 975 million
hotel-casino project opening in late 2007 |
| • |
US$ 3.5 billion resort on Cotai
strip to be completed in 2007 featuring a 3,000 rooms
hotel, 1 million square feet of convention and exhibition
space, a 2,000 seats showroom as well as a shopping centre
and 15,000 seats auditorium |
