SHANGRI-LA Asia joins the hotel stocks price list for the first time this week, after a rousing start to its trading on the Hongkong exchange. Despite falling back slightly yesterday, it still closed at 21.4 per cent above the subscription price of $4.90. Elsewhere, takeover action was a big factor in the hotel sector, with Harbour Centre Development and Miramar Hotel & Investment Co both subject to cash offers. Harbour Centre leapt as Wharf (Holdings) increased its bid to $9 after some smaller shareholders held out for a higher price following the strong market rise. Miramar Hotel stayed steady over the week as investors tried to read the behind-the-scenes jockey triggered by the bid by Cheung Kong (Holdings) and CITIC Pacific. Over the weekend, the bidders raised their bid to $17 a share. Elsewhere, flagship hotel stocks such as Mandarin Oriental and Hongkong and Shanghai Hotels moved with the market, slipping badly yesterday as investors took fright at economic developments in China.