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"China is key to our future growth as it currently represents a quarter of our portfolio. The opening of Fraser Place Binhai Tianjin is significant as it underlines our ambitions to grow our presence in China," said Choe Peng Sum, CEO of Frasers Hospitality.

"China is an essential part of our long-term strategy. We are confident in the market's future development," Koay said.

"But, for the most part, prices are negotiated well in advance so many will be incurring a significant blow to their profitability," Mond said.

"China is also home to many major 5G equipment suppliers and smartphone vendors, which will be responsible for an aggressive marketing push over the next few years," says Nicole Peng, Vice President of Mobility at Canalys.

"China is the No 1 growth market in the world, and they have been clear about their intended leadership in bringing hybrid and electric vehicles to market," said Don Walker, Magna CEO.