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Five-Star Hotel to be Built in Lhasa, Tibet

[WTN-L World Tibet Network News. Published by The Canada Tibet Committee. Issue ID: 05/08/06; August 6, 2005.]

LHASA, Aug 6, 2005 (Asia Times) - A five-star Park Hyatt hotel will be built in Lhasa, capital of the Tibet Autonomous Region, according to an agreement signed by the city government of Lhasa and the Hong Kong CITIC investment company.

In 2004, Carlsberg International Company invested in the Lhasa Beer Company, becoming the first multinational company among the world's top 500 to set foot in Tibet. Amway later opened a branch in Lhasa to become the second top 500 company to invest there.

In 2004, Tibet signed 313 investment contracts totaling 4.72 billion yuan (US$582.3 million) in contractual terms. Of this amount, 1.566 billion yuan has actually been put in place. The investment has gone to ventures in agriculture, ecological improvement, tourism, development of Tibetan medicine, minerals and real estate.

The Chinese government has pumped 78.526 billion yuan into the energy, communications, telecom and other infrastructure areas of Tibet since 1994.

(Asia Pulse/XIC)


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