ABSTRACT
The Chinese hospitality industry started its substantial development and relationship with international markets after the China Open Policy in 1979. It is one of the earliest Chinese industries to receive foreign investment and to link its business to the international market. While inward foreign direct
investment (FDI) entered the Chinese hospitality industry, limited outward FDI entered the foreign hospitality markets at the same time. This phenomenon continued until the early 2000s, when more and more China-based hotel companies moved forward to foreign markets. Some transactions targeted eminent companies or locations with the highest bids in history, which have drawn attention from the public worldwide (e.g., Anbang’s acquisition of Waldorf Astoria Hotel).
