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Ladbroke Forms Alliance to Develop Hotels in China: Hilton International, a subsidiary of Britain’s Ladbroke Group, said it formed an alliance with China International Industry and Commerce Corp., a Chinese real estate developer, to build as many as 20 Hilton hotels in China over the next 20 years. Ladbroke said they will be in major cities but that it has not chosen the sites. Ladbroke will secure outside investors to own the property and finance the construction; Ladbroke will retain long-term management contracts to operate them as five-star Hiltons. The hotelier said it’s willing to take equity stakes of between 5% and 10% in individual hotels. Ladbroke operates two hotels in Beijing and is negotiating the financing to build a third.