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China`s first overseas-funded top hotel turns state-owned

The ownership of the White Swan, China`s first modern hotel funded by overseas capital, has been taken over by…

The ownership of the White Swan, China`s first modern hotel funded by overseas capital, has been taken over by south China`s Guangdong Province, after the hotel celebrated its 20th anniversary.

Its 20-year management contract with Hong Kong investor Henry Ying Tung Fok expired last week.

Established in 1983 by Fok and Guangdong Province, the five-star hotel has received nearly eight million guests, including more than 180 foreign heads of state.

It had recorded business turnover of 5.3 billion yuan (640 million US dollars) and paid 500 million yuan (60 million US dollars) in taxes to the state by the end of 2002.

Fok will cooperate with Guangdong Province in running White Swan via a hotel management company.

White Swan has not only been a modern hotel today but also a national brand name in China, said Fok.

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