Dwindling tourism may hit resort real estate


CNA

TAIPEI, Taiwan — A dwindling number of foreign visitors to Taiwan might hit the local resort real estate sector, business sources predicted yesterday.

According to the sources,the sector could experience a noticeable slump in business next year if the entry of Chinese tourists fails to be realized by that time.

As the two sides of the Taiwan Strait have not yet come to terms on the opening of Taiwan to Chinese tourists, the Tourism Bureau has adjusted the number of expected foreign tourist arrivals for 2008 to 4 million, down from its original target of 5 million.

The situation may deal a heavy blow to the resort real estate sector, which has embarked on a tourism hotel construction boom in anticipation of hosting large numbers of Chinese tourists, the sources said.