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Hotels & Hospitality Group | June 2014

Hotel Destinations China

Welcome to the inaugural edition of our


Hotel Destinations China publication,
a biannual overview providing a snapshot of key
hotel markets within Mainland China.
As you browse through this guide, you will find a
selection of notable hotel trends, recent transactions,
upcoming new projects and a summary of key market
statistics for each destination. We trust you will find
this publication relevant, concise and insightful.
Enjoy the read and look out for the next edition in
2H 2014!
Scott Hetherington
Chief Executive Officer, Asia
JLL Hotels & Hospitality Group

Corinna Toh
Executive Vice President, Asia
JLL Hotels & Hospitality Group

Hotel Destinations China

Contents

04

City Profiles
04 Beijing
05 Chengdu
06 Guangzhou
07 Nanjing
08 Sanya
09 Shanghai
10 Tianjin
11 Wuhan

12

Contributors

13

Quick Facts

03

04

Hotel Destinations China

Beijing
Beijing is the nations capital as well as the political and cultural heart
of Mainland China. Its history dates back three millennia, making
it a key leisure destination with a strong cultural offering. Beijing is
also a strong conference market, ranking as one of the top Meetings,
Incentives, Conventions and Exhibitions (MICE) destinations in the
world. The growth of the citys hotel industry hasnt stopped since the
2008 Olympic Games. By 2015 the city will have opened more than
14 subway lines. In addition, authorities announced 126 new projects
last year that will see the further upgrading of this booming urban
landscape.

H2 2013 HIGHLIGHTS

Tourism

Demand

Supply

Outlook

International visitor arrivals showed a


decrease of 10.1% to 4.5 million tourists
in 2013. Positive annual growth has only
been recorded in the months of January
and October 2013.

The composition of major source


markets of international visitors has
recorded no change in recent months,
with USA ranking first, followed by
South Korea and Hong Kong. Notably,
the number of tourists from Japan has
declined remarkably by 43.1%, due to
the intense political relationship with
Mainland China in recent times.

New supply over the second half of


2013 has been minimal. Four new hotels
opened in the first quarter of 2014,
totalling 1,208 rooms, and a further 12
hotels are projected to open in the short
term, adding another 3,026 rooms over
the balance of 2014. According to our
research, approximately 26 new hotel
projects have been proposed, which
could potentially result in an additional
7,500 rooms by 2016.

Beijing tourism market is forecasted to


improve over the next few years due
to rising domestic tourism demand
and also a greater number of MICE
and major international conferences,
such as APEC and the Global Software
Development conference, bringing
more international MICE
tourists to Beijing.

NEW HOTELS

NOTABLE HOTEL
DEALS
Aman Hotel at Summer Palace
RMB 112 mill

UPCOMING HOTELS
Crowne Plaza Beijing Lido
Beijing Marriott Hotel Central
Wanda Realm Beijing
Holiday Inn Express Beijing
Yizhuang

310
rooms
Holiday Inn Beijing
Yanqing Resort

309
rooms
New World Hotel
Beijing Chongwenmen

QUICK FACTS
(2013)

(H2 2013)

4.5 million 619 rooms

International Visitor
Arrivals

Number of New Rooms

59.1%
Occupancy

Waldorf Astoria Beijing


Note: Beijing Hotels refers to 5-Star only.
Source: STR Global (YTD Mar 2014), Real Capital Analytics, Beijing Tourism Bureau, JLL.
y-o-y year-on-year, ADR - Average daily rate, RevPAR - Revenue per available room.

RMB

939

Average Daily
Rate (ADR)

RMB

555

Revenue per Available


Room (RevPAR)

Hotel Destinations China

Chengdu
Chengdu, the capital city of Sichuan province, is an important
economic, transportation, and communication centre in western China.
With a long history, heritage, culinary and tea culture, Chengdu attracts
an increasing share of domestic and international leisure tourists. As
one of the cities with fastest economic growth rate in Mainland China,
Chengdu was chosen as a top investment destination according to the
American Chamber of Commerce. Chengdu continues to be identified
as one of the fastest growing cities. Chengdu gained the worlds
attention after holding the Fortune Forum in 2013. In addition, the city
was named among the top five most liveable cities in Mainland China
by a recent countrywide survey.

H2 2013 HIGHLIGHTS

Tourism

Demand

Supply

Outlook

In 2013, total visitor arrivals rose to 155


million tourists, a 26% y-o-y increase.
International visitor arrivals recorded
an annual growth rate of 10.7%,
reaching 1.7 million. Corporate demand
is increasing at a substantial pace with
a number of international organisations
opening offices, branches, or operation
centres, as well as the wider growth in
Meetings, Incentives, Conventions and
Exhibitions (MICE).

Tourism strategies have been a focal


point of the citys overall development
plan, as Chengdu was named as
one of the nations first cities for
comprehensive tourism reforms. The
government is continually working to
improve tourism management, policies
and services to meet the growth in
inbound visitors.

There has been a significant increase


in new hotel developments to meet the
growing number of inbound tourists.
Approximately 23 new hotel projects
are proposed, which could potentially
result in an additional 7,212 rooms over
the short to medium term.

Chengdus strong economic


development is anticipated to
draw the attention of corporations,
investors, tourists and international
hotel operators. Recently, more than
70 new international air routes have
commenced to Chengdu. As a result,
the tourism market is estimated to grow
in 2014 both in corporate and leisure
demand.

NEW HOTELS

NOTABLE HOTEL
DEALS
There were no hotel transactions
during H2 2013

UPCOMING HOTELS
InterContinental Global Centre
Palm Springs Fairmont Hotel
Chengdu
Howard Johnson Youwei Chengdu
Evason Resort Hotel Dujiangyan
Six Senses

361
rooms
Felton Gloria Grand
Hotel Chengdu

353

342
rooms

348
rooms

rooms

The Ritz-Carlton,
Chengdu

Crowne Plaza
Gaoxin

Howard Johnson
Three Gorges Plaza
Chengdu

290
rooms

290
196
rooms

Mercure
Chengdu

M Hotel
Chengdu

rooms

QUICK FACTS
(2013)

(H2 2013)

International Visitor
Arrivals

Number of New Rooms

1.7 million 1,890 rooms 47.2%


Occupancy

Diaoyutai Hotel Chengdu


Note: Chengdu Hotels refers to 5-star only.
Source: STR Global (YTD Mar 2014), National Tourism Bureau, JLL.
y-o-y year-on-year, ADR - Average daily rate, RevPAR - Revenue per available room.

RMB

895

Average Daily
Rate (ADR)

RMB

422

Revenue per Available


Room (RevPAR)

05

06

Hotel Destinations China

Guangzhou
A key first-tier city of Mainland China, Guangzhou is a national
transportation hub and trading port. It is the third largest city
nationally after Beijing and Shanghai, with a population of more
than 12 million. Guangzhou is the main manufacturing hub of the
Pearl River Delta - one of Mainland Chinas leading commercial
and manufacturing regions, and has several industrial zones; hence
corporate tourism demand is robust in this city. Guangzhou also offers
a wide variety of tourist attractions, such as museums and historical
landmarks which attract both international and domestic tourists.

H2 2013 HIGHLIGHTS

Tourism

Demand

Supply

Outlook

In 2013, tourist arrivals to Guangzhou


were recorded at 50.4 million, growing
by 4.8% y-o-y. International tourist
arrivals decrease by 3.0% to 7.7 million
and domestic tourist arrivals increased
at 6.4% to 42.7 million.

Tourists from Hong Kong form the


majority of international arrivals,
accounting for more than half of total
arrivals based on data released in
2012. Guangzhou is a gateway to Hong
Kong and Macau. Corporate demand
to Guangzhou was traditionally a major
component of inbound tourism but in
recent years, shopping, entertainment
and new resorts have attracted more
leisure visitors.

Seven hotels are projected to enter


the market in 2014, adding 1,915
rooms to the city. The citys continued
bilateral business ties with global
cities will continue to see the growth
of inbound corporate demand, thus
supporting the increase in
new supply.

The Guangzhou tourism market is


anticipated to grow. Domestic visitor
arrivals are likely to increase as
Guangzhou will hold 26 international
and national sports events in the
coming years. Guangzhou plans to
expand its city area from 2014 onwards.

NEW HOTELS

NOTABLE HOTEL
DEALS
There were no hotel transactions
during H2 2013

UPCOMING HOTELS
DoubleTree by Hilton Guangzhou
Aloft Guangzhou, University Park
Holiday Inn Guangzhou Science City
Park Hyatt Guangzhou

500
rooms
Langham Place,
Pazhou

320
rooms
Langham Place,
EDZ, Guangzhou

QUICK FACTS
(2013)

7.7 million

International Visitor
Arrivals

(H2 2013)

820 rooms

Number of New Rooms

65.4%
Occupancy

Note: Guangzhou Hotels refers to 5-star only.


Source: STR Global (YTD Mar 2014), Guangzhou Statistics Bureau, JLL.
y-o-y year-on-year, ADR - Average daily rate, RevPAR - Revenue per available room.

RMB

883

Average Daily
Rate (ADR)

RMB

577

Revenue per Available


Room (RevPAR)

Hotel Destinations China

Nanjing
As the capital city of Jiangsu province in eastern China, Nanjing is a
prominent city with a strong history located on the south bank of the
Yangtze River. As one of the four ancient cities in Mainland China, Nanjing
is commonly viewed as a city of culture and leisure destination for
tourists. Nanjing was formally the capital city of several key dynasties in
ancient Chinese history. Nanjing is also known for its lush green parks,
natural scenic lakes and favourable climate, attracting international tourists
throughout the year.

H2 2013 HIGHLIGHTS

Tourism

Demand

Supply

Outlook

In 2013, domestic visitor arrivals


recorded a moderate increase of 9.1%
to 86.7 million, however, international
visitor arrivals encountered a decline of
6.6% to 0.5 million. Nanjings Lukou
International Airport is about 35 km
from the city centre and serves inbound
international flights from Japan, Korea,
Thailand, Malaysia, Singapore
and Germany.

Leisure tourists travel to Nanjing


for its history, relics, landmarks and
cultural heritage. Since Nanjing has
a long history of manufacturing and is
among the top five economic cities in
Mainland China with a growing tertiary
industry, corporate demand to Nanjing
has the potential to realise strong
growth in future years.

New supply over H2 2013 was minimal,


however, there will be six new major
hotel openings adding approximately
2,439 rooms in 2014. Based on our
research, a further five hotels are
proposed to open between 2015 and
2017, totalling 1,444 rooms.

Nanjings tourism industry has


experienced lower inbound tourist
demand due to the lack of local
organisations promoting the city to
foreign tour groups. More recently, the
government has taken measures to
promote tourism, along with upcoming
international events, such as the Youth
Olympic Games in 2014.

NEW HOTELS

NOTABLE HOTEL
DEALS
There were no hotel transactions
during H2 2013

UPCOMING HOTELS
Shangri-La Hotel Nanjing
Crowne Plaza Nanjing Hexi
Grand Hyatt Nanjing
Howard Johnson Plaza Tangshan
Angsana Tangshan

423
rooms
Crowne Plaza
Nanjing Jiangning

371
rooms
Fairmont Nanjing

302
rooms
Wanda Realm
Nanjing Jiangning

QUICK FACTS
(2013)

(2013)

(H2 2013)

(2013)

Number of New Rooms

Occupancy

0.5 million 1,096 rooms 67.0%

International Visitor
Arrivals

Note: Nanjing Hotels refers to 5-Star only.


Source: Nanjing Tourism Bureau, JLL.
y-o-y year-on-year, ADR - Average daily rate, RevPAR - Revenue per available room.

RMB

716

Average Daily
Rate (ADR)

(2013)

RMB

479

Revenue per Available


Room (RevPAR)

07

08

Hotel Destinations China

Sanya
Sanya, located in the southernmost tip of Mainland China, is renowned
for its tropical climate and beautiful scenery. Sanya is one of the three
prefecture-level cities of Hainan. In recent years, the city has developed
into a popular tourist destination attracting leisure visitors from all over
the world. There has been a significant increase in hotel developments
with a strong pipeline of new supply set to enter the accommodation
market over the medium term. Air links are served by Sanya Phoenix
International Airport and the Hainan East Ring Intercity Rail operates
along the east coast of Hainan to connect Sanya and Haikou.

H2 2013 HIGHLIGHTS

Tourism

Demand

Supply

Outlook

International visitor arrivals reached


0.5 million in 2013, recording a slight
decline of 0.3% from 2012. Domestic
visitor arrivals experienced a 12%
increase as at YTD Oct 2013 according
to the Sanya Statistics Bureau.
Recently, an increasing number of
MICE events have taken
place, boosting corporate travel.

Sanya, as a seaside location, is


essentially a destination for domestic
leisure tourism and continues to
compete with regional resort locations
such as Thailand and Bali. Inbound
Russian tourism has increased recently
with the availability of high quality
accommodation options.

A substantial pipeline of new hotel


development exists in Sanya. According
to our research, there are 24 new hotel
projects scheduled to open in 2014,
adding an estimated 8,361 rooms to the
accommodation market.

Tourism in Sanya is forecast to record


steady growth from domestic travellers
whilst international visitation will be
boosted by MICE events, such as the
Global Travel and Tourism Summit
which was held in April 2014.

NEW HOTELS

NOTABLE HOTEL
DEALS
There were no hotel transactions
during H2 2013

UPCOMING HOTELS
Fairmont Haitang Bay Resort
Outrigger Qingshui Bay Resort
Hilton Hainan Clearwater Bay
Resort
Wyndham Sanya

480
rooms
The Westin Sanya
Haitang Bay Resort

350
rooms
InterContinental Sanya
Haitang Bay Resort

299
rooms
Raffles Resort Sanya
Qingshui Bay - Phase I

QUICK FACTS
(2013)

(H2 2013)

0.5 million 1,129 rooms 68.1%

International Visitor
Arrivals

Number of New Rooms

Occupancy

Grand Hyatt Shenzhou Peninsula


Note: Sanya Hotels refers to 5-star only.
Source: STR Global (YTD Mar 2014), Sanya Statistics Bureau, JLL.
y-o-y year-on-year, ADR - Average daily rate, RevPAR - Revenue per available room.

RMB

1,045
Average Daily
Rate (ADR)

RMB

711

Revenue per Available


Room (RevPAR)

Hotel Destinations China

Shanghai
Shanghai is one of the largest cities in Mainland China, a global
financial centre and a major transport hub with the worlds busiest
container port. Shanghai has a rich collection of buildings and
structures of various architectural styles. The Bund, located by the bank
of the Huangpu River, contains early 20th-century development. The
Pudong district of Shanghai displays several skyscrapers, many of which
are ranked among the tallest in the world. Shanghais infrastructure has
been upgraded over the past few years with new roads, bridges, tunnels
and airport terminals. The city enjoys its fair share of both corporate
and leisure tourism.

H2 2013 HIGHLIGHTS

Tourism

Demand

Supply

Outlook

According to the Shanghai Municipal


Tourism Administration, international
visitor arrivals to Shanghai in 2013
reached 7.6 million, which was 5.4%
below 2012. Tourism receipts from
the popular 7-day National Day Golden
Week in October 2013 reached RMB 7.5
billion, bringing a 21.4% y-o-y
increase from the previous year.

Shanghais key source markets remain


unchanged: Japanese tourists rank
first, followed by South Korea and the
USA. Leisure, corporate and Meetings,
Incentives, Conventions and Exhibitions
(MICE) demand to Shanghai remains
strong. However, Shanghai hotels
continue to face challenges due to the
government austerity measures.

There were three hotel openings in H2


2013. There will be a significant number
of rooms added to the Shanghai hotel
market this year. Four hotels opened
during Q1 2014, totalling 1,148 rooms.
Our research shows a pipeline of more
than 15 hotels (over 4,600 rooms) which
are likely to enter the market in the
short term.

An increase in hotel development has


been noted prior to the completion of
Shanghai Disney Resort. Corporate
demand to Shanghai will continue to be
promoted on the back of the Free Trade
Zone and its major financial hub status.

NEW HOTELS

NOTABLE HOTEL
DEALS
Marriott Executive Apartments
RMB 2,386 mill
Shanghai JC Mandarin Hotel
RMB 1,263 mill
Galaxy Hotel RMB 1,263 mill
3961 Caoan Rd RMB 59 mill
Regal Jinfeng Hotel RMB 600 mill

UPCOMING HOTELS
Sheraton Jiading Hotel
Pullman Shanghai South
Shanghai Marriott Hotel Parkview
Crowne Plaza Shanghai
Noah Square
Hyatt Regency Shanghai Chongming

686
rooms
Pudong Kempinski Hotel
(Rebranded)

520
rooms
Jing An Shangri-La

361
rooms
Holiday Inn
Shanghai Hongqiao

QUICK FACTS
(2013)

(H2 2013)

7.6 million 1,567 rooms 58.2%

International Visitor
Arrivals

Number of New Rooms

Occupancy

RMB

1,014
Average Daily
Rate (ADR)

Note: Shanghai Hotels refers to 5-star only.


Source: STR Global (YTD Mar 2014), Real Capital Analytics. Shanghai Municipal Tourism Administration, JLL.
y-o-y year-on-year, ADR - Average daily rate, RevPAR - Revenue per available room.

RMB

590

Revenue per Available


Room (RevPAR)

09

10

Hotel Destinations China

Tianjin
Located in northern China, Tianjin - one of the four direct-controlled
municipalities of Mainland China, is a leader in transportation,
shipping and logistics. As an important industrial city from the 19th
century, Tianjin has a well-developed manufacturing sector which
continues to boost the citys local economy. Furthermore, Tianjin is the
permanent host city of the Summer Davos Forum. Hence, corporate
demand to Tianjin accounts for a major component of overall inbound
visitors. Tianjin, once home to foreign concessions in the late Qing
Dynasty and early Kuomintang era, is also famous for its folk arts,
cultural relics and architecture.

H2 2013 HIGHLIGHTS

Tourism

Demand

Supply

Outlook

International visitor arrivals recorded


a strong increase in 2013, reaching 2.6
million, (up 13% from 2012 and doubling
that of 2007). The dense network of
ex-concession streets south and west
of the central train station, and south of
the Hai River, now constitute the areas
of interest to leisure visitors.

The Davos Forum boosts corporate


demand to Tianjin significantly. In 2009,
at the height of the global financial
crisis, growth in tourist arrivals still
achieved 15.6% due to the large inflow
of corporate demand brought by the
forum. Since Tianjin is located near
Beijing, the number of tourist arrivals
has a strong correlation with potential
to increase in the medium to long term.

In 2014, 12 major hotels are set to open


offering 4,789 rooms to the Tianjin hotel
market. There are another 16 hotels
proposed to open from 2015 onwards,
totalling 4,844 rooms.

Meetings, Incentives, Conventions


and Exhibitions (MICE) tourism is likely
to improve due to the increase in
participants who come for the annual
Davos Forum. Additionally, several
leisure tourism festivals aimed at
promoting visits to Tianjin will be held
in 2014, potentially increasing tourism
arrivals in the long term.

NEW HOTELS

NOTABLE HOTEL
DEALS
There were no hotel transactions
during H2 2013

UPCOMING HOTELS
Hilton Tianjin Binhai
Wyndham Tianjin Binhai
Hyatt Regency Tianjin
DoubleTree by Hilton

297
rooms
Wanda Vista
Tianjin

280
rooms
The Ritz-Carlton,
Tianjin

QUICK FACTS
(2013)

2.6 million

International Visitor
Arrivals

(2012)

(H2 2013)

577 rooms

Number of New Rooms

(2012)

54.7%
Occupancy

Note: Tianjin Hotels refers to 4-star only.


Source: Tianjin Tourism Bureau, JLL.
y-o-y year-on-year, ADR - Average daily rate, RevPAR - Revenue per available room.

RMB

774

Average Daily
Rate (ADR)

(2012)

RMB

423

Revenue per Available


Room (RevPAR)

Hotel Destinations China

Wuhan
The most populated city in central China, Wuhan, is recognised as
a political, economic, financial and cultural centre of central China.
Located along the Yangtze River, Wuhan is a major transportation hub.
With a 3,500-year long history, Wuhan is one of the most ancient and
civilized metropolitan cities in Mainland China, older than Beijing,
Xian and Nanjing. Its major industries include optic-electronic,
automobile manufacturing, steel manufacturing, new pharmaceutical
sector, biology engineering, new materials industry and environmental
protection.

H2 2013 HIGHLIGHTS

Tourism

Demand

Supply

Outlook

Based on latest available data, in 2013,


international visitor arrivals rose to 1.6
million tourists, recording a 7.0% y-o-y.
The Yellow Crane Tower is one of the
popular tourist attractions in Wuhan.
With Wuhans strong economic and
manufacturing base, the majority of
inbound visitors are business travellers.

Wuhan held the International Tourism


Festival in 2013, drawing a large number
of visitors and promoting local tourism.
Wuhan is attracting a growing share of
foreign investment as well as overseasfunded enterprises.

Wuhans hotel market has witnessed an


increasing share of new supply entering
the market to cater to corporate
travellers. In 2013, 1,748 rooms were
added to the hotel market. In 2014, 4,135
new rooms are expected to complete.

The Wuhan tourism market is


anticipated to grow over the next few
years, underpinned by a strengthening
corporate sector. With recent tourism
promotions in place to promote Wuhan
to the wider Chinese domestic leisure
market, as well as a location for
international businesses to conduct
operations, visitor arrivals are likely to
witness longer term growth.

NEW HOTELS

NOTABLE HOTEL
DEALS
There were no hotel transactions
during H2 2013

UPCOMING HOTELS
Sheraton Wuhan Fanhai
Wanda Reign Wuhan
Wuhan Joya Hotel

570
rooms
Hilton Wuhan
Optics Valley

409
rooms
Wanda Realm
Wuhan

332
rooms
The PUYU hotel
& Spa

QUICK FACTS
(2013)

(2013)

(H2 2013)

(2013)

Number of New Rooms

Occupancy

1.6 million 1,568 rooms 66.9%

International Visitor
Arrivals

Note: Wuhan Hotels refers to 5-Star Hotels.


Source: Wuhan Tourism Bureau, JLL.
y-o-y year-on-year, ADR - Average daily rate, RevPAR - Revenue per available room.

RMB

839

Average Daily
Rate (ADR)

(2013)

RMB

561

Revenue per Available


Room (RevPAR)

11

12

Hotel Destinations China

Quick Facts
INTERNATIONAL VISITOR
ARRIVALS

NUMBER OF
NEW ROOMS

4.5 million
(2013)

(H2 2013)

u
ngd
e
h
C

1.7 million

1,890

u
gzho
n
a
Gu

7.7 million
(2013)

(H2 2013)

(YTD March 2014)

jing
Nan

0.5 million
(2013)

1,096
(H2 2013)

ya
San

0.5 million

1,129
(H2 2013)

(YTD March 2014)

ghai
n
a
Sh

7.6 million
(2013)

1,567
(H2 2013)

jin
Tian

2.6 million
(2013)

an
Wuh

1.6 million
(2013)

ing
Beij

(2013)

(2013)

OCCUPANCY

AVERAGE DAILY RATE


(ADR)

REVENUE PER AVAILABLE


ROOM (REVPAR)

(YTD March 2014)

59.1%

RMB
939
(YTD March 2014)

RMB
555
(YTD March 2014)

47.2%

RMB 895

RMB 422

65.4%

RMB 883
(YTD March 2014)

RMB
577
(YTD March 2014)

67.0%
(2013)

RMB
716
(2013)

RMB
479
(2013)

68.1%

RMB 1,045

RMB 711

(YTD March 2014)

58.2%

RMB
1,014
(YTD March 2014)

RMB
590
(YTD March 2014)

(H2 2013)

577

54.7%
(2012)

RMB
774
(2012)

RMB
423
(2012)

1,568
(H2 2013)

66.9%
(2013)

RMB
839
(2013)

RMB
561
(2013)

619

(H2 2013)

820

(YTD March 2014)

(YTD March 2014)

(YTD March 2014)

(YTD March 2014)

(YTD March 2014)

Hotel Destinations China

Contributors
Corinna Toh

Frank Sorgiovanni

Charles Ye

Monica Wang

Executive Vice President


Asia
corinna.toh@ap.jll.com

Senior Associate
Shanghai
charles.ye@ap.jll.com

Vice President, Research


Asia
frank.sorgiovanni@ap.jll.com

Analyst
Chengdu
monica.wang@ap.jll.com

13

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Madrid
Tel +34 91 789 1100

Paris
Tel +33 1 4055 1718

Manchester
Tel +44 161 828 6440

Perth
Tel +61 8 9322 5111

Marseille
Tel +33 4 95 09 13 13

Rome
Tel +39 06 4200 671

Melbourne
Tel +61 3 9672 6666

So Paulo
Tel +55 11 3043 6900

Mexico City
Tel +52 55 5980 8054

San Francisco
Tel +1 415 395 4900

Miami
Tel +1 305 529 6345

Shanghai
Tel +86 21 6393 3333

Milan
Tel +39 02 8586 8672

Singapore
Tel +65 6536 0606

Moscow
Tel +7 495 737 8000

Sydney
Tel +61 2 9220 8777

Munich
Tel +49 89 2900 8882

Tokyo
Tel +81 3 5501 9240

New Delhi
Tel +91 124 331 9600

Washington D.C.
Tel +1 202 719 5000

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