The US hotelier Carlson Hotels Asia Pacific recently signed a contract with Yuanwang Huasha Holdings to manage the Ningbo Regent Hotel. Apart from Carlson, leading international hotel management groups such as Shangri-la, Hyatt, Sheraton and Radisson have also signed contracts to manage hotels in Ningbo. The Ningbo Tourism Bureau predicts that eight to ten new five-star or super-five-star hotels will be built over the next three to five years.

   Apart from luxury hotels, large-scale property management, warehousing and logistics, accounting and auditing firms, consultancy firms and other tertiary services will be new attractions for foreign investment. Two leading foreign accounting firms have already set up branches in Ningbo to provide consultancy service. Warehousing and logistics enterprises with investments from Europe and the US have mushroomed in the Ningbo Bonded Area.

   According to Ningbo's foreign economic and trade bureau, 84 foreign invested tertiary industry projects were approved in the first half of this year. The contracted amount was US$326 million, up 228.9% year-on-year, and foreign capital actually utilised amounted to Rmb150 million, up 107.8%.