1、Hotels ResearchAsia Pacific|Q1 2023A robust recovery despite Chinese tourists yet to fully returnContentsHotel marketsHotel Market Insights06 Hong Kong07 Beijing08 Shanghai09 Tokyo10 Seoul11 Singapore12 Bangkok13 Jakarta14 Kuala Lumpur15 SydneyJLL Asia Pacific Hotels Q1 2023205Mainland China3.05.5Gr

2、owth forecasts revised up with private consumption and fixed investment to lead the recovery while exports face dimmer prospects given a softer outlook for the global economy and external demand Indonesia5.33.9Challenging global backdrop are expected to weigh on momentum with exports slowing,while w

3、eaker confidence challenges domestic demand as the impact of monetary tightening flows through Japan1.00.6Domestic demand to increasingly carry growth momentum as the weak external environment is likely to drag on the performance of exports and the manufacturing sector South Korea2.60.5Ongoing downt

4、urn in the semiconductor cycle to drag on production with the global economy set to slow further.Domestic demand to feel the strain of tight financial conditions and soft business sentiment Singapore3.70.4Export weakness as soft external demand conditions drag on trade.Domestic demand is also likely

5、 to moderate as the uncertain growth outlook weighs on employment and incomes Australia3.71.6Higher interest rates and cost pressures to curb household spending.Trade should remain a positive impetus of growth partly supported by strength from services exports amidst a greater return of students and

6、 tourists Hong Kong-3.52.2Recovery strengthening with support from domestic demand and the return of tourists,particularly from Mainland China.Export outlook,however,remains challenging against the backdrop of weaker growth in advanced economiesIndia6.74.8Consumption growth to slow but remain a posi