Chen Miaolin, president of New Century Tourism Troup, says that its subsidiary New Century International Hotel Management Company would get listed on a China exchange in 2008 to raise about RMB800-900 million.

Chen said that they are about to introduce external funds to develop their hotels and to expand their real estate business.

New Century Tourism Group originated from Xiaoshan Hotel which Chen took control of in 1988 and then transformed it into a privately-owned enterprise in the 1990's. At present, it has 14 hotels, of which four are five-star hotels, and plans to open four to five hotels each year in the coming years.

The latest statistics show that New Century Tourism Group has total assets of RMB5.6 billion. Its two main assets are New Century International Hotel Management Company and New Century Real Estate Group Company.