Manchise agreement strategy for China
"So I think we have different mode in fact, you know. We have some subsidiary, we did some with ibis for instance. We have some management agreement. We have some franchise agreement. And we have what we call a manchise agreement. It’s a mix between management and franchise. So we do provide the GM basically. But we don’t provide the management agreement, you know, then it’s just a franchise with a GM. So we are very much flexible on that market. And because this market is very domestic oriented you know. And except few cities but the majority of our competitors are national companies. So we adapt ourself accordingly."