Shanghai to permit 72 hrs visa free entry, but not for India, Pak
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"The new policy will benefit airlines, travel agencies, shopping areas and, importantly, five-star hotels," Zhao said.
According to real estate service firm Jones Lang LaSalle, Shanghai tops other Chinese cities with the largest number of four and five-star hotels, and is set to add another 80 to 100 hotels in the next three years.
However, during the first nine months of this year, the average price of five-star hotel rooms in the city dropped by 8.54 per cent, while the price for an equivalent room in Beijing saw a 10.9 per cent jump, Zhao said.
"The new policy is definitely good news for us," said Tang Weiwei, communications manager of Shanghai Pudong Kerry Hotel. "We believe it will result in more guests."
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