Mayer Brown is proud to be sponsoring this year's Hotel Investment Conference Asia Pacific 2015 (HICAP 2015), which takes place from 14-16 October 2015 at the InterContinental Hong Kong. Several members of our Hospitality and Leisure Group will be attending.
We look forward to seeing you there. If you would like to get in touch or arrange a meeting with us prior to the event, please contact a member of our team, listed on the right.
By Andrew Armfelt, Paris
Online travel agencies (OTAs) which greatly helped maintain occupancy rates during the difficult years in the 1990s have been accused of exploiting their position of strength in a manner that contravenes the rules of fair competition.
By Pieter de Ridder, Singapore
On 6 February 2015, China's State Administration of Taxation (SAT) issued Public Notice  No. 7 (Public Notice 7) which deals with indirect transfers of Chinese taxable assets. It substantially replaces both Circular 698 and Bulletin 24 and introduces new tax liabilities and responsibilities which are significantly different from the previous rules. Public Notice 7 has retroactive effect to 1 January 2008, and thus affects indirect transfers of shares in Chinese companies which have not yet been decided upon by the Chinese tax authorities. Public Notice 7 may have a bearing on the sale of hotel properties or hotel operating subsidiaries in China if they are to be transferred along with their foreign holding company, where the seller sells the shares of the foreign holding company to a third party buyer. Internal reorganisations, however, may be exempt from Chinese income tax. Public Notice 7 has some positive and quite a number of negative aspects which are discussed in this article.