The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Hilton Worldwide Holdings Inc. is capitalizing on China’s real estate crisis by converting vacant office buildings into hotels, a strategy fueled by the domestic travel boom. Despite the downturn in China’s housing market, Hilton plans to add about 100 hotels in the coming years, with nearly 25% of these new locations being developed using existing office spaces rather than new constructions. This "adaptive reuse" approach has gained traction as China's commercial real estate faces oversupply issues, with vacancies near a two-decade high in some cities.
Key Takeaways:
Adaptive Reuse Strategy: Hilton is converting empty office buildings into hotels to quickly expand its presence in China, with this model now accounting for 25% of its upcoming properties, up from 5-8% before the pandemic.
Real Estate Challenges: China's commercial real estate market is struggling with high vacancy rates and falling rents, making it attractive for hotel operators like Hilton to secure long-term leases at favorable terms.
Growth Potential in China: Despite risks, Hilton is betting on China's rising middle class and the potential for significant growth in domestic tourism, even as international travel to China remains subdued.
Comments
Post a Comment