Shanghai's 5-star hotels most expensive in Asia?

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Don't know the original date and where the information but according to the above site...

Chinanews, Shanghai, March 19 –

With its rapid economic development, as well as the drawing near of 2008 Beijing Olympic Games and Shanghai World Expo 2010, the average price of star-rated hotels in Shanghai has been rising very fast. In 2006, the average price of 5-star hotels there was 1,406.6 yuan per day, a new high, and also the highest in Asia.

Though the price was extremely expensive, 70% of the rooms in 5-star hotels in Shanghai were occupied in 2006.

The booming high-end hotel industry in Shanghai has attracted a large number of top international brands, including Accor, Starwood, Hilton and Hyatt. It is said that all of them have set new goals of making the number of their hotels in China grow by 50% to even 200% in 2007.

However, the price-hike of star-rated hotels in Shanghai also makes the cost of hosting business meetings rise sharply, no wonder fewer and fewer people choose to host their meetings in Shanghai. Statistics show that the number of international business meetings in Shanghai dropped by 18 in 2006, some 37%, especially the meetings of transnational companies.