Viet Capital Securities Joint Stock Company

Luan Nguyen

Independent Insight Provider

Thematic (Sector/Industry)

China Consumer discretionary / Thematic (Sector/Industry)

Dalian Wanda Commercial Properties (1567411D HK)

<p>The share market of three-and four-star hotels will increase over the period as changes in the industry structure. The giant hotels are moving into the lower-star rated segments. Many foreign hotel management companies have started developing hotels with four-and three star ratings to adapt the larger customers and strengthen market positions.</p>

The share market of three-and four-star hotels will increase over the period as changes in the industry structure. The giant hotels are moving into the lower-star rated segments. Many foreign hotel management companies have started developing hotels with four-and three star ratings to adapt the larger customers and strengthen market positions.

Nanjing Xinjiekou Department S (600682 CH)

Beijing Urban Const. Inv. & Dev. Co. (600266 CH)

China Shipbuilding Industry Group Power (600482 CH)

Poly Real Estate Group Co., Ltd (600048 CH)

Grandjoy Holdings Group Co., Ltd. A (000031 CH)

China Merchants Property Develpmt (200024 CH)

Chinese Universe Publishing&Media (600373 CH)

Meinian Onehealth Healthcare H (002044 CH)

Beijing Capital Development Co, Ltd. (600376 CH)

China Tourism Group Duty Free Corp Ltd (601888 CH)

Shanghai Lujiazui Finance & Trade Zone (600663 CH)

Chongqing Changan Automobile Company (200625 CH)

Shenzhen Overseas Chinese (A) (000069 CH)

Beijing Gehua Catv Network Co, Ltd. (600037 CH)

Hangzhou Binjiang Real Estate Grp (002244 CH)

Songcheng Performance Development (300144 CH)

Anhui Zhongding Sealing Parts Co, Ltd. (000887 CH)

Belle International Holdings (2129452D HK)

Sichuan Changhong Electric Co, Ltd. (600839 CH)

Zhejiang China Commodities City Group Co (600415 CH)

Hotels in China: 2016 Report