Press Release


Shangri-La, Zhejiang Tourism Group, and CITIC Urban Development and Operation Extend Joint Venture for Shangri-La Hotel, Hangzhou

 SLH JV agreement extension 

Zhejiang Tourism Group, Shangri-La International Hotels (Hangzhou) Ltd. and CITIC Urban Development and Operation Co., Ltd. announced the joint venture extension of Shangri-La Hotel, Hangzhou.
At the ceremony, held at the Island Shangri-La, Hong Kong, Mr Fang Jing Hua, Chairman of Zhejiang Tourism Group; Ms Kuok Hui Kwong, Chairman of Shangri-La Asia Ltd.; and Ms Xue Yuan Yuan, Chief Financial Officer from CITIC Urban Development Operation Co., Ltd. renewed the joint venture agreement to unify their vision for the prosperity and growth of Shangri-La Hotel, Hangzhou.  The hotel is Shangri-La’s first property in mainland China and it continues to set new standards of luxury hospitality in the country.
In July 1984, the Zhejiang Tourism Group and Shangri-La International Hotels (Hangzhou) Ltd. formed a joint venture to establish Shangri-La Hotel, Hangzhou. The following year in November, CITIC Urban Development and Operation Co., Ltd. became the third shareholder of the joint venture. Following the merger and renovation of the historic Hangzhou Hotel and Xiqiao Hotel – Shangri-La Hotel, Hangzhou was unveiled on 26 November 1987, bringing Shangri-La's world-renowned Asian hospitality to China for the first time and starting a new chapter in the city’s luxury hotel industry. 
As the first international hotel in Hangzhou and the first hotel joint venture project in Zhejiang Province, Shangri-La Hotel, Hangzhou continues to set a benchmark for China’s hotel industry.  For more than 30 years, Shangri-La Hotel, Hangzhou has been key to the local and economic development of the province, and has played an integral role in elevating the destination onto the world stage.
The hotel has hosted numerous Chinese and foreign heads of state, and world political and business leaders, and participated in many significant events.  During the 2016 G20 Summit in Hangzhou, Russian President Vladimir Putin stayed at the hotel and met with German Chancellor Angela Merkel and British Prime Minister Theresa May. Shangri-La Hotel, Hangzhou has won praise from both Chinese and foreign guests for its service excellence.
“Shangri-La Hotel, Hangzhou has served as a model and gateway to China’s economic development and acted as a training ground for the hotel industry in Zhejiang province,” said Mr Fang Jing Hua, Chairman of Zhejiang Tourism Group.  “Travel has become a priority in a consumer’s life in China.  Looking ahead, Shangri-La Hotel, Hangzhou will continue to seize the opportunity to set even higher benchmarks for the hotel industry in Zhejiang province and to bring more benefits by leveraging its prime location and brand."
Commented Ms Kuok Hui Kwong, Chairman of Shangri-La Asia Ltd, “Shangri-La Hotel, Hangzhou is the Group’s first hotel in mainland China and marks an important milestone in the city’s history.  Today, we are very honoured to continue our cooperation with the Zhejiang Tourism Group and CITIC Urban Development and Operation Co., Ltd, and we are confident that our efforts will pave the way for more opportunities and add a new chapter in the hotel’s history.”
“As a state-owned enterprise, CITIC Group focuses on financial and industrial businesses and under the group, our core business is urban development and operations,” said Ms Xue Yuan Yuan, Chief Financial Officer of CITIC Urban Development Operation Co., Ltd. “We could not be more proud to be committed to Hangzhou’s future and growth, and are excited to work closely with both parties.”
Today, Shangri-La Hotel, Hangzhou - known for its tranquillity by the West Lake - with its unique design, complements the natural beauty and harmony of its spectacular setting. As the only international hotel on the West Lake - a World Cultural Heritage Designated Area - Shangri-La Hotel, Hangzhou will introduce new concepts and build the brand equity, while creating a good destination for international and domestic travellers.
About Zhejiang Tourism Group 
The Zhejiang Tourism Group Co., Ltd. is the only large state-owned enterprise in Zhejiang province whose main businesses are tourism and health as selected by the Provincial Party Committee and Provincial Government of Zhejiang.  With the vision of a “Happy Life Creator” and the development positioning of a “Regional Tourism Investment Operator” and a “Tourism Industry Whole Chain Innovation Leader”, the group strives to build China’s first-class tourism and leading health enterprise.
The group owns “1+8” business sectors, which include tourism industry research and tourism transportation, hotel investment management, travel services, health medical, tourism destination investment operations, tourism town investment and construction, tourism finance and tourism culture exhibition.  At present, the group has more than 80 wholly owned and controlling/shareholding companies, which operate and manage the Zhejiang Ancient Village (Traditional Village) Conservation and Utilization Fund with a scale of CNY2 billion and the Zhejiang Tourism Industry Investment Fund with a scale of CNY10 billion. 
About CITIC City Development and Operation Co., Ltd. 
Headquartered in Beijing, CITIC Urban Development and Operation Co., Ltd. is the primary wholly owned subsidiary of the CITIC group (a large-scale state-owned multinational enterprise group encouraged and supported by Comrade Deng Xiaoping and founded by Comrade Rong Yiren in 1979.  The company, established at the beginning of economic reforms in China, has given full play as an important window for China’s opening up to the outside world. It is the key development platform of the Citic Group focusing on the urban development and operation business. CITIC Urban Development and Operation Co., Ltd. adheres to the core business of urban development and operation to maintain the co-ordinated development of industrial operations and real estate development and promote the transformation and upgrade of the urban regional economy. The company business spreads over key economic circles and urban clusters such as Circum-Bohai-Sea, Yangtze River Delta, Pearl River Delta and Midwest area.
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