On December 16, 2004, at the ceremony of execution of the Management Contract for Sofitel Wanda Beijing by and between Wanda Group and Accor at China World Hotel, Wanda Group and Accor Group executed a Company Agreement for Multiple Hotels Cooperation and the Management Contract for Sofitel Wanda Beijing. This signifies that the top brand Sofitel of Accor has officially settles down in Beijing Wanda Plaza and the first top European luxury hotel will emerge in the CBD of Beijing. This Platinum Five-Star Standard hotel situated at the core of Beijing’s new business area is estimated to open in October 2006.
Messrs. Zhu Maoyuan and Chen Ming of Zhong Lun have acted as legal counsel for Wanda Group providing services including negotiating the Management Contract under which Wanda Group delegates the management of Sofitel Wanda Beijing to Accor.
Wanda Group is one of the leading real estate developers in China and is a wellknown pioneer in commercial premises development in China. Accor is the largest hotel group with a network comprising over 4,000 hotels in 140 countries around the world and having an aggregate annual revenue exceeding 7 billion Euros.