Background

Joint Ventures Agreement
Sheraton Asia Pacific and Chinese Ministry of Foreign Affairs
In August 1966, a joint venture was shaped between Sheraton Asia Pacific and Chinese Ministry of Foreign Affairs. Basically, Sheraton Asia Pacific Corporation is a Subsidiary of ITT Sheraton.
Andrew Wilson was appointed by Sheraton, an Australian by origin, for the Deputy General Manager position, along with Clara Chan, a Singaporean Chinese, in the Chief Auditor position. These two higher officials were appointed in 1996 only after the regulatory authorities had given formal approval to the project.

Agreement Launching Ceremony Incident
At the very beginning, a lunch was organized by Yang Zhao, who happens to be the General Manager of the Beijing International Club Corporation. He was also the appointee of the Chinese Ministry of Foreign Affairs. During the lunch session, Clara Chan received her first lesson in JV management and experienced what it is like to be in a venture with the Chinese. Yang Zhao gave a rather subtle complement to Chan by saying that she belonged to the Chinese background and due to which she will be culturally in sync to help Sheraton and Chinese Ministry of Foreign Affairs to establish a good understanding and a better network of communication between these two companies.

Chinese Economy: At a Glance
Chinese government is tried to make a favorable market condition for the foreign investor to attract them to invest in China. The result to which was that Sheraton Asia Pacific Corporation signed the joint venture agreement with the Chinese Ministry of Foreign Affairs in August 1996. Sheraton Asia Pacific Corporation made the proper utilization of this opportunity and invested for the expansion of the company.
China is one of those countries where the economy has been booming for the last few decades and growing very rapid pace