Shanghai Jin Jiang International Hotels Company Limited (‘‘Jin Jiang Hotels’’), a subsidiary of Shanghai Jin Jiang Capital Company Limited (the ‘‘Company’’), in which the Company holds a 50.32% interest, and Shanghai Jin Jiang International Travel (‘‘Jin Jiang Travel’’), a subsidiary of the Company, in which the Company holds a 50.21% interest, published their respective audited 2019 annual reports on 27 March 2020.
Jin Jiang Hotels
Operating revenue of Jin Jiang Hotels grew 2.73% to RMB 15.1 billion (USD 2.1 billion).
Jin Jiang Travel
Operating revenue of Jin Jiang Travel decreased 8.13% to RMB 1.396 billion (USD 0.2 billion) last year.
On 26 March 2020, Jin Jiang Automobile, a subsidiary of Jin Jiang Investment (which is a subsidiary of the Company) entered into the Vehicle Rental Contract with Jin Jiang International, pursuant to which, Jin Jiang International agreed to purchase the vehicle leasing services from Jin Jiang Automobile during the period from 21 January 2020 to 31 March 2020 for the vehicle services organized by the government for prevention of the COVID-19 epidemic.
On 27 March 2020, Jin Jiang Hotels entered into the Buyout Agreement of Guest Rooms and Related Services with Jin Jiang International, pursuant to which, Jin Jiang International agreed to purchase the guest rooms and related services that are expropriated by local governments for prevention of the COVID-19 epidemic in the hotels which are wholly owned or controlled by Jin Jiang Hotels and its subsidiaries.