On July 2, Deman Huang, Chairman of Vienna Hotel Group confirmed that they obtained US$50 million investment from a France-based PE Fund; the capital has yet to be allocated; The investment proceeds will be used for the expansion of Vienna Hotel across China. However, he has not disclosed the details of the investor.

Sources say the investment proceeds will be used for the business expansion in economically developed regions including Pearl River Delta with Guangzhou as the focus, Yangtze River Delta with Shanghai as the focus, and Bohai Economic Circle with Beijing as the center. The company will launch more than 60 outlets in large or medium-sized domestic cities and provincial capital cities in 2008.

Meanwhile, Vienna is preparing for its listing. It will probably debut on Shenzhen Stock Exchange in the second half of 2009.