Gov't Austerity Slows Orders at Upscale Restaurant Chains
(Beijing) – A government campaign to cut the spending of public funds on banquets for officials is having an impact on several upscale restaurant chains.
Shenzhen-listed Beijing Qiangeqing Co. Ltd., the first private restaurant chain in China to go public, said on March 30 that it expected to post losses of up to 70 million yuan in the first quarter of this year. In the first three months of 2012, it reported profits of more than 45 million yuan.
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