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Last updated at: (Beijing Time) Friday, June 20, 2003

On Auction Next Month, China's First Foreign-Invested Tourist Enterprise in Zhuhai

July 7 will see Zhuhai Shijingshan Tourist Center, the first foreign-invested tourist enterprise be put on auction in Zhuhai.


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July 7 will see Zhuhai Shijingshan Tourist Center, the first foreign-invested tourist enterprise be put on auction in Zhuhai.

The Zhuhai Shijingshan Tourist Center was put up at the very beginning of China's opening to the outside world. In 1979, when Zhuhai had just been made a special economic zone in China, Wu Fu, a celebrity from Macao came to Zhuhai for a familiarization study and determined to cooperate with the Zhuhai Government for running a hotel, thus the establishment of the Shijingshan Tourist Center.

The successful creation of the first foreign-invested tourist center has made many businessmen, such as Fok Ying Tung and others from overseas to come one in the wake of the other and put up a batch of joint-venture hotels as Zhuhai Hotel, Zhuhai Holiday Resort. And cropping up in the meanwhile is a batch of famous joint-venture hotels as White Swan Hotel, China Grand Hotel in Guangzhou. The Zhuhai Shijingshan Tourist Center is not only a pacesetter of joint-venture tourist enterprises but it has also made an initial contribution to the outset and promotion of the tourism industry in China.

When the enterprise was put into operation in the 1980s it has for a long time stood out from among other tourist enterprises in Zhuhai. However, with the elapse of the time the overseas investment from Macao receded gradually out of the tourist market and the local government has from day to day taken over the equity of the Shijingshan Tourist Center. The beginning of this year saw the Zhuhai Government decide to make a reform of the state-owned enterprises, putting the Shijingshan Tourist Center into the market on auction.

The Shijingshan Tourist Center owns a total asset of over RMB 190 million yuan with a liability of over RMB 141 million yuan. The auction puts out a bid of RMB 58 million yuan. Once the news is out in the air it has attracted a great number of businessmen to register for the bid. The government officials here are expecting to see an exciting competition in the bidding on the 7th of July.

By People's Daily Online


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