Asia is set to take centre stage in the global hospitality landscape as the industry transforms, while China should survive its short-term crisis, according to Banyan Tree Holdings and Golden Eagle International Group.
Ho Kwon Ping, founder and executive chairman of Banyan Tree Holdings, emphasised Asia's pivotal role in the evolving hospitality and real estate sectors during the Forbes Global CEO Conference held in Bangkok Wednesday.
"The biggest short-term loser is China, but in the long term, it will emerge as the biggest winner," said Mr Ho. "The US is positioned as the short-term winner, while Europe faces challenges as a long-term loser."
"Those who fail to recognise the signs will be left behind," he said, referring to the phenomenon as a civilisation-based reset, marked by the shift of global influence from the West to Asia.
Mr Ho said regional unity in navigating these changes is important. The rise of Southeast Asian markets will be a driving force for growth, while Asian nations should adapt and collaborate with a shared understanding of the evolving landscape to unlock the region's full potential, he said.
In the hospitality sector, Mr Ho said there is a mixed outlook, though there are clear opportunities in key Asian markets.
With domestic tourism surging in China, the real estate sector is undergoing innovative transformations, he said.
"In the central business district of a Chinese city, five office buildings were converted to hotels to meet the growing demand from domestic travellers," said Mr Ho.
He said Japan is experiencing a tourism boom driven by affordability, sustaining its momentum as a top travel destination.
Mr Ho said by embracing innovation and understanding regional dynamics, the region is well-positioned to thrive in the face of transformative challenges.
H. Roger Wang, chairman of Golden Eagle International Group, a diversified conglomerate based in Nanjing, China, also highlighted the resilience of the mainland economy and the importance of strategic flexibility for businesses during challenging times.
"China's economy is vast and multifaceted, like having many pockets that can sustain it through short-term challenges," he said.
"China is a winner and will survive the short term, leveraging its adaptability and capacity to overcome obstacles."
Drawing parallels to Golden Eagle, Mr Wang said investment in tangible and intangible assets, as well as leveraging technology such as artificial intelligence, is crucial to remain competitive.
He emphasised the importance of knowing when to enter or exit opportunities as a method to navigate volatility, focusing on flexibility.
Golden Eagle has benefited from extensive outsourcing, with 80% of the company's operations outsourced, resulting in a 50% reduction in payroll costs, said Mr Wang.