Strong results for Chinese budget hotels15 August 2012
Three of China's leading budget hotel chains have posted strong financial results for the second quarter, underlining the strength of the country's tourism industry.
Home Inns & Hotel Management Inc, 7 Days Inn and Hanting Inns and Hotels all saw strong gains in their revenues during the second quarter of this year, according to their recent financial reports.
Hanting, 7 Days and Home Inns posted revenues of 798 million yuan ($125.42 million), 633 million yuan, and 1.45 billion yuan during the second quarter; up 45.7 percent, 27.3 percent and 60.2 percent year-on-year respectively.
Of the three, only Home Inns saw its profits fall during the period. The slump was blamed on its purchase last May of Motal 168, a struggling budget hotel peer, according to local reports.