1.VAT changes the price of house prices from the original 5% business tax to excluding tax，Influenced housing prices、Revenue per available room、Operating income，Does not affect the final net profit。

2.Due to the 6% value-added tax rate starting from May 1, 2016, it is calculated as 5% according to the business tax caliber.66%，That is, the original price of 100 yuan is divided into a price of 94.34 yuan and VAT 5.66 yuan (5.66 divided by 94.34 equals 6%)。Therefore, the 188bet game difference in the average house price in the 12 months from May 2016 to April 2017 is 5.66% of incomparable factors。

3.VAT factors have an impact on the management company，No impact on owners。The author suggests that the management company can adjust the statistical caliber of the management contract accordingly with the owner。

4.The adjustment method for the fourth quarter data of 2016 is to multiply the average house price 188bet game fourth quarter by 105.66%。To avoid data complexity，Average house prices below、Revenue per available room data has been adjusted，So that we can compare scientifically。

Beijing

Comments:Beijing’s five-star hotel revenue per available room increased by 16 and decreased by 7 188bet game in the 23 quarters since 2011，The recent five consecutive quarters of 188bet game increase。

Shanghai

Comments:Revenue per available room of Shanghai's five-star hotels in the 23 quarters since 2011 increased by 13 and decreased by 10 188bet game，Recently increased 188bet game for 12 consecutive quarters。

Guangzhou

Comments:Revenue per available room of Shanghai's five-star hotels in the 23 quarters since 2011 increased by 13 and decreased by 10 188bet game，Recently increased 188bet game for 12 consecutive quarters。

Shenzhen

Comments:Guangzhou’s five-star hotel revenue per available room increased by 8 and fell by 14 188bet game in the 22 quarters since 2011，Rise 188bet game in the fourth quarter after two consecutive quarters of 188bet game decline。

Average room rates of hotels by star rating in first-class cities in 2016
(Q4)

Average occupancy rate of each star hotel in first-class cities in 2016
(Q4)

RevPAR of hotels by star rating in first-class cities in 2016
(Q4)

*Author of this 188bet game: Zhao Huanyan（WeChat：zhaohycbo-gzh），Expert Author，Chief Knowledge Officer of Huamei Consulting Group、Senior Economist。Welcome to communicate！

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