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Luxury Hotel Owner to Donate Profits
All net profits of a new five- star hotel will be donated annually to education and social welfare programs in China, the owner of the Pengnian Hotel in the south China announced on June 27.
The luxury hotel, a 57-story building costing 1.2 billion yuan (about US$ 150 million), is expected to open tomorrow in Shenzhen, one of China's special economic zones.
Experts estimate the yearly net profit of the new hotel may range from 15 million to 30 million yuan.
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