China's Zero-COVID Policy Impacts Luxury Hotel IndustryAmid China’s ongoing zero-COVID policy, foreign business travelers are avoiding China and a growing volume of luxury hotel apartments are vacant. A severe downturn in occupancy rates during the three-year epidemic is forcing hotel owners to sell or transfer assets.
Foreign business travel to and from China has dropped a staggering amount since the pandemic began. A China Digital Times article suggests that the decrease could be as much as 95.5 percent.
Although the reluctance to enter China can be attributed to many reasons, the most talked about by the media has been the CCP's strict isolation policies.
Global commercial real estate services company Jones Lang LaSalle Incorporated (JLL) reported that international visitors to Shanghai, China’s financial hub, were down 48.3 percent in June, while the average occupancy rate in the upscale hotel market was only 19.6 percent....
Source: China's Zero-COVID Policy Impacts Luxury Hotel Industry (https://www.theepochtimes.com/chinas-zero-covid-policy-impacts-luxury-hotel-industry_4841926.html)