News roundup: Australian hotel investors keep investment intentions, other headlines

For PropertyGuru’s news roundup, Australian hotel investors are keeping their medium-term investment intentions despite COVID-19. In other headlines, the Hong Kong business community is wary about the proposed new national security law, and China is eyeing overseas cloud service markets.

CBRE survey: Australian hotel investors still on the lookout despite the pandemic

A new survey reported in The Hotel Conversation has shown more than half of Australian hoteliers have not changed their medium-term investment intentions despite the impact of COVID-19.

CBRE Hotels Regional Director, Valuation & Advisory Services, Troy Craig said the bulk of the hoteliers surveyed indicated their medium-term investment intentions had not declined significantly compared to December 2019.

A total of 51 percent answered that their level of investment would be unchanged and a further 21 percent indicated they would invest more, while 28 percent indicated they would invest less.

‘Untested, uncharted waters’: Hong Kong’s business community expresses concern over proposed new security law

As Hong Kong fast-tracks a new national security law, the legislation and questions about its implementation have raised fears among the business community.

The draft bill includes major offences such as treason and insurrection, which could be punished with life imprisonment. Other offences include treason, insurrection, espionage and theft of state secrets, sabotaging national security, and external interference.

But the definitions are “vague”, said Kristian Odebjer, chairman of the Swedish Chamber of Commerce in Hong Kong as reported by HKFP. He points out the theft of state secrets which, according to the draft bill, includes defence intelligence but also encompasses information about the city’s economic, social, and technological developments.

Chinese cloud service providers gaze abroad with excitement

Chinese cloud computing companies are scrambling to expand their presence in overseas cloud service markets, where an increasing number of businesses are leveraging cutting-edge technologies to bolster digital transformation and upgrades, as well as reap the benefits of generative artificial intelligence.

According to China Daily, the move will offer companies more cost-effective access to generative AI model services, as cloud computing is playing an increasingly important role in bolstering the innovative development and application of AI models.

Alibaba Cloud, the cloud computing arm of Chinese tech heavyweight Alibaba Group Holding Ltd, recently unveiled a series of AI computing and big data solutions aimed at overseas markets, as part of its broader drive to meet diversified needs from enterprises and developers abroad for AI model development and application.

The Property Report editors wrote this article. For more information, email: [email protected].