China Post Group announced plans to put their second batch of 60 hotels up for sale in the China Beijing Equity Exchange.
These 60 hotel assets involved 56 areas in 24 provinces including Fujian, Guangdong, Zhejiang, and Jiangsu. Five hotels are at least the four-star level, 12 are three-star outlets, and 43 belong to two-star or lower levels. China Post expects to fulfill all these transactions by the end of next year.
China Post previously owned hundreds of hotels, but they generated meager profits as a result of poor management.