China Netcom, one of the major telecommunications service providers in China, has announced plans to sell five of its affiliated star-rated hotels in the coming months.
The five hotels that China Netcom wants to sell are the five-star Beijing Jingdu Xinyuan Hotel, four-star Jinan Litian Hotel, four-star Qingdao Litian Hotel, four-star Qiqiha'er Guaomain Hotel, and three-star Tianjin Donglihu Resort. These hotels are, according to China Netcom's sales pitch, either located the bustling downtown or scenic spots of the respective cities. No expected price for the properties have yet been divulged.
China Netcom is selling the hotel assets to follow its strategy of being a strong telecom service provider in China. In recent years, local and national government agencies have been pressuring old state-owned enterprises to ris themselves of ancillary businesses to better concentrate on their corporate strengths.