Hotels for Sale

China Post Group, operator of the country's postal system, will auction off 60 hotels with an estimated worth of at least 4 billion yuan ($540 million), as the government urges state companies to shed non-core businesses. China Post said on Wednesday it was selling the hotels through an auction at the China Beijing Equity Exchange, a site for trade in unlisted assets. "We will put up more hotels for sale in the future and completely exit the hotel business by the end of 2008," said Xiao Wenyan, a spokeswoman at China Post, which owns about 400 hotels. She did not give an estimate for how much the company expected to raise from the auction. An exchange official, however, said the assets, ranging from guest houses to four-star hotels and located in 24 provinces across China, would be worth at least 4 billion yuan but would be subject to further valuation. China Post put 30 hotels up for sale earlier this year in an auction in Shanghai and 24 have been sold, Xiao said.

The Chinese clean their hotels as well as they clean their airplanes. And they don't perform maintenance. Within a year or two, a brand new hotel looks like a 40 year old Holiday Inn. Dirty carpets, tiles popping off bathroom walls, dirty overstuffed furniture. I guarantee these state owned hotels are among the worst.