The Christmas and New Year room rates of some star-grade hotels in Shanghai, are reported to have decreased by about 50%.
Because of the current financial crisis, the occupancy rates of star-grade hotels in Shanghai is continuously going down.
Statistics published by the Shanghai Municipal Tourism Bureau indicate that in September and October 2008, the occupancy of five-star hotels in Shanghai was about 60%, a decrease of 12.05% and 12.34% respectively from the same periods last year.
(China Hospitality News December 5, 2008)
